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* At $20.80, accord is at 41 percent premium
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* Accord helps St Jude alter band of affection products
* AGA Medical went accessible aftermost October
* St Jude shares up hardly (Adds accord details, background, analyst comments, bylines, CHICAGO to dateline)
By Susan Kelly and Lewis Krauskopf
CHICAGO/NEW YORK, Oct 18 (Reuters) - St Jude Medical Inc STJ.N will buy AGA Medical Holdings Inc AGAM.O, a maker of accessories for structural affection defects and vascular problems, for added than $1 billion in banknote and stock, the companies said on Monday.
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ICD-10 Education Session - ppt download | patent foramen ovale icd 10[/caption]
The accretion is accepted to advice St Jude alter into faster-growth analysis areas above its amount affection accent administration band of implantable cardioverter defibrillators and pacemakers.
“In the case of St Jude, it’s a nice fit,” said Jefferies & Co analyst Raj Denhoy. “It will advice them body out their attendance with interventional cardiologists in the cath lab.”
At $20.80 per share, the accord ethics AGA Medical shares at a 41 percent exceptional to Friday’s closing price. The companies admired the accord at about $1.3 billion, including the acceptance of about $225 actor in debt.
Shares of AGA climbed $5.96, or 41 percent, to $20.67 on Nasdaq. Shares of St Jude rose 16 cents, or 0.4 percent, to $40.06 in on the New York Banal Exchange.
While St Jude’s crumbling ICD and pacemaker markets are adverse slower appeal and accretion appraisement pressures, analysts see AGA’s markets for accessories to abode structural affection defects as alms several $1 billion-plus opportunities that are in the aboriginal stages of development.
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AGA sells a cease accessory for atrial septal defect, which is a aperture in the bank that separates the heart’s high chambers. It additionally sells vascular plugs that are acclimated to block claret breeze to afflicted borderline argosy and tumors.
“This accord is a absolute for St. Jude and represents an befalling for bazaar amplification with AGA’s articles and should accommodate incremental advance drivers for the company’s atrial fibrillation and structural affection programs,” said William Blair & Co analyst Ben Andrew.
AGA acquaint sales of about $200 actor in 2009. But the better abeyant for advance is accepted to appear from areas area the aggregation hopes to accretion broadcast break for its products.
AGA’s cease accessory is in analytic trials area it is actuality activated for the analysis of apparent aperture ovale, or PFO, addition blazon of aperture amid the heart’s high accommodation that may be affiliated to achievement or cephalalgia headaches.
The aggregation is additionally testing a larboard atrial addendum cease device, which has abeyant to abate the accident of achievement in patients with atrial fibrillation.
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ICD-10 Education Session - ppt download | patent foramen ovale icd 10[/caption]
Big accessory makers including St Jude and rivals Medtronic Inc (MDT.N) and Boston Scientific Corp (BSX.N) accept been affairs up abate companies with able new technologies for alleviative a ambit of cardiovascular problems as the markets for added accustomed affection accessories such as stents and ICDs slow.
AGA Medical went accessible aftermost October at $14.50 per share. Its above shareholders accommodate those affiliated with clandestine disinterestedness abutting Welsh, Carson, Anderson & Stowe, and AGA Medical’s co-founder Franck Gougeon.
The accord involves an alike breach amid banknote and stock. The barter arrangement for the banal basic will be bent by the boilerplate closing amount of St. Jude banal over 10 trading days, catastrophe two canicule afore the abutting of the barter offer.
St Jude said it expects the transaction to abutting by year’s end and it does not affect its balance angle for 2010.
AGA, in a authoritative filing, said it agreed to pay a breakdown fee alignment from about $21.7 actor to $32.5 actor if it were to abolish the alliance acceding with St Jude.
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Reporting by Lewis Krauskopf and Susan Kelly, alteration by Maureen Bavdek, Dave Zimmerman
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