$3 billion global market has been growing annually at double-digit rates
Abbott (NYSE: ABT) has entered into an agreement to purchase Topera, Inc., a private, venture-backed medical device company focused on developing innovative electrophysiology technologies to improve the diagnosis and treatment of atrial fibrillation, one of the most common heart rhythm disorders in the world. Through this acquisition, Abbott enters the catheter-based electrophysiology market, an approximately $3 billion global market that has been growing annually at double-digit rates.
Topera, Inc. has developed a novel diagnostic catheter and mapping software, or rotor identification system, which help physicians identify and target the specific areas of a person’s heart that are perpetuating atrial fibrillation. Under the terms of the acquisition, Abbott will acquire all outstanding equity of Topera for $250 million upfront, plus potential future payments tied to performance milestones.
Topera’s rotor identification system has been shown, when used with existing catheter ablation therapy, to result in positive long-term success rates, even in difficult-to-treat cases. In a separate transaction in the electrophysiology market, Abbott has secured the right to purchase Advanced Cardiac Therapeutics, Inc. (ACT) in the future, upon completion of key milestones. ACT, a private, venture-backed company, is developing a novel ablation catheter designed to improve the safety and effectiveness of ablation procedures.
“There is significant room to use advanced rotor identification technologies to improve the success rate and reduce the need for multiple ablation procedures, and thus improve the health of people with atrial fibrillation. The Topera acquisition and our agreement with ACT provide a foundational entry into the large, high-growth electrophysiology market, with differentiated technologies that can transform the way physicians treat people with complex heart rhythm disorders,” said John M. Capek, Ph.D., Executive Vice President, Medical Devices, Abbott
Abbott’s electrophysiology business will be led by industry veteran Michael Pederson, who joins Abbott from VytronUS, Inc., a privately held medical device company, where he was President and Chief Executive Officer.
EP News Bureau – Mumbai
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