Apama Health, a US-based catheter developer backed by healthcare provider Ascension Health, agreed to an acquisition by medical device manufacturer Boston Scientific on Monday for up to $300m.
Boston Scientific will pay $175m in cash for Apama upfront, with the remaining $125m dependent on clinical and regulatory milestones that would be reached between 2018 and 2020. The transaction is expected to close during the fourth quarter of 2017.
Founded in 2009, Apama has been developing a radiofrequency balloon catheter system to treat atrial fibrillation, a relatively common type of heart rhythm abnormality that affects approximately 33 million people across the world.
The product is currently undergoing clinical trials in Europe, with regulatory approval targeted for 2018. Boston Scientific will seek to integrate Apama’s technology with its Rhythmia HDx mapping system in order to offer surgeons a detailed visualisation of a patient’s heart.
Ascension Ventures, the corporate venturing vehicle for Ascension Health, contributed to Apama’s $13m series C round in November 2016 alongside Onset Ventures, Incept, Medvance Incubator Partners and assorted angel investors.
Silicon Valley Bank committed up to $6.5m in debt financing to the company through a credit facility at the same time.
Apama had previously secured $17.5m in a 2015 series B round featuring Ascension, Onset and Incept, adding to a $3.2m series A-1 investment from Broadview Ventures in 2013.
The company has not revealed details about an original series A close. It also received $1.1m of seed funding from undisclosed angel investors in 2010.