Boston Scientific Corp. will purchase CryoCor Inc. for $17.6 million or $1.35 a share the company said on Wednesday.
The agreement structured as a cash offer and scheduled to begin in within the next 10 days, will help to the development of new techniques to treat atrial fibrillation or Afib, the most common cardiac arrhythmia.
Since June the companies agreed to work together and CryoCor would develop a console to deliver cryo energy to a cryo balloon catherer made by Boston Scientific Corp.
In the deal, any untendered shares of CryoCor would be converted into a right to receive the same cash price per share as shareholders who tendered shares in the offer.
According to the statement the agreement will close during the second quarter.
Shares of Boston scientific Corp. rose 0.16 percent to $12.50 on Wednesday's afternoon trade.