St. Jude Medical Buys Assets of Northstar Neuroscience for $2 Million

St. Jude Medical Inc. has purchased the intellectual property and non-cash assets of Northstar Neuroscience Inc. for $2 million, according to the St. Paul, Minn.-based firm.

Northstar Neuroscience, which is headquartered in Seattle, Wash., focused on developing cortical stimulation therapies for the treatment of major depressive disorder, stroke and other neurological disorders. In January, the firm announced that the its assets would be liquidated and the company would be dissolved.

The company developed the Renova Cortical Stimulation System, an investigational device designed to deliver targeted stimulation to the cerebral cortex. 



“Today there are millions of people who suffer from various neurological disorders that do not have an adequate treatment,” said Chris Chavez, president of the St. Jude Medical Neuromodulation Division. “We believe cortical stimulation shows promise as another potential therapy for those patients who have proven refractive to other treatments.”

With this transaction, St. Jude Medical acquires Northstar’s intellectual property portfolio, clinical study data, device designs and manufacturing equipment.

The transaction is expected to be neutral to St. Jude Medical’s consolidated earnings per share this year.