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 devices implanted in the spine to relieve pain. ANS has about a 20% share of the $1 billion implantable neurostimulator market. Devicemaker Medtronic has about 80% of the market. HHS' inspector general's office has been investigating the business and marketing practices of ANS. At deadline, officials from ANS, St. Jude and the 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
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