Boston Scientific (BoSci) will pay up to $265m for portfolio company Rhythmia Medical after it had made an investment in the US-based heart treatment supplier in March.
BoSci said it would pay $90m initially and a further $175m in performance fees if targets were met over the next five years.
If the mapping system is cleared by the US Food and Drug Administration and receives CE Mark approval in Europe, Boston Scientific said it expected to begin a limited market launch of the system next year and full market launch in 2014.
Doron Harlev, co-founder and co-chief executive officer of Rhythmia Medical, said: “Our system is expected to become a very promising tool for physicians to treat patients with complex cardiac arrhythmias. We are excited to combine our mapping system with Boston Scientific’s strong catheter platform and commercialization capabilities.”
In March, BoSci led Rhythmia’s series C round, including participation of existing investors, including medical device venture capital firm Norwich Ventures.
In February 2007, Rhythmia raised $7m in its series B round by Norwich after previously raising $2m since being founded in 2004.