St. Jude Medical, St. Paul, Minn., agreed to pay $1.3 billion, or $61.25 per share, for Advanced Neuromodulation Systems, Plano, Texas, which makes implantable pain-relief devices. ANS has about 20% of the $1 billion market. Medtronic has about 80%. HHS' inspector general's office has been investigating business and marketing practices at ANS, which allegedly paid physicians in 2001 for referring patients to test a new ANS device. At deadline, the status of the investigation wasn't known. A St. Jude spokeswoman said the company had performed due diligence on ANS and was satisfied with the results. At deadline, officials from ANS and HHS' inspector general's office could not be reached for comment. ANS earned $18.1 million on revenue of $120.7 million in 2004. -- by Mark Taylor
St. Jude to buy spinal implant maker for $1.3 billion
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.