The Technology team advised SentreHEART in its agreement to be acquired by AtriCure. Under the terms of the agreement, the transaction consideration consists of an upfront payment of approximately $40 million in cash and AtriCure common stock, plus additional contingent consideration based on the achievement of certain clinical and reimbursement milestones over the next several years. Of the contingent consideration, $140 million is based on milestones related to the aMAZE™ IDE clinical trial, including PMA approval, and $120 million is based on a milestone related to reimbursement for the therapy involving SentreHEART devices. All contingent consideration would be payable in a combination of cash and stock. The transaction is expected to close before the end of August, subject to customary closing conditions.
SentreHEART was founded in 2005 and is based in Redwood City, California. The company’s technology is currently being studied in the aMAZE Trial, an FDA-approved, prospective, multicenter, randomized controlled trial evaluating the LARIAT Suture Delivery Device for LAA closure adjunctive to Pulmonary Vein Isolation (PVI) catheter ablation for the treatment of persistent and longstanding persistent Afib.
The Goodwin team was led by partners Anthony McCusker and Scott Joachim and associates Katherine Baudistel and Mark Joseph and included partners Lynda Galligan, Koray Bulut, Kevin Lam, Paul Jin, Richard Matheny and Heidi Mayon, counsels Nathan Brodeur and Stephanie Philbin and associates Alexander Plaum, Elle Srisirikul, Alexandra Denniston, Justin Pierce, with valuable assistance from partner Sarah Bock and associate Kaitlin Kines.
For additional details on the transaction, please read the press release.