St. Jude Medical
completed the acquisition of
, a privately held company whose products include heart failure diagnostic devices and implanted sensors.
Savacor's devices are currently in development and clinical trials. The company will receive an initial cash payment of $50 million, plus additional undisclosed milestone payments. St. Jude will record the payment as an in-process research and development charge.
"The acquisition complements the development efforts already underway at St. Jude Medical in managing congestive heart failure in patients," St. Jude said in a press release. Nearly 5 million Americans and about 22 million people worldwide suffer from heart failure, according to the American Heart Association.
In addition to its heart-rhythm management and other cardiology products, St. Jude is looking to treat patients with neurological disorders and chronic pain through nerve stimulation. Last fall, St. Jude
agreed to acquire Advanced Neuromodulation Systems, the no. 2 maker of spinal-cord stimulation devices after
St. Jude's shares fell 11 cents to $50.46 Wednesday.