Acutus Sells Left-Heart Access Biz to Medtronic for $50M

Arrhythmia management firm Acutus Medical will refinance existing debt with a new longer-term credit facility and by selling its left-heart access portfolio to Medtronic for $50 million.
 
The sale includes Acutus’ AcQCross sheath-compatible septal crossing devices, AcQGuide MINI integrated crossing device and sheath, AcQGuide FLEX steerable introducer with integrated transseptal dilator and needle, and AcQGuide VUE steerable sheath.
 
“This set of initiatives is an important milestone for Acutus and is the result of the strategic reprioritization we announced earlier this year,” Vince Burgess, President and CEO of Acutus Medical told the press. “The extended maturity from our refinancing along with proceeds from the definitive agreement to sell our left-heart access portfolio will allow us to intensify our focus on driving the adoption of our electrophysiology mapping and therapy solutions as well as improving our operational and financial performance.”
 
The new debt facility with Deerfield Management Company will include $50 million in aggregated principal with maturity date five years from the loan’s closing and amortization payments due 36, 48, and 60 months following the closing as well.