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Ev3 (Nasdaq:EVVV) said Tuesday that it’a making an upfront $75 million payment for of Menloo Park. About 30 to 40 percenrt of the payment is in with the rest in Ev3common stock. Ev3 said it will pay an additionapl $75 million if and when Chestnureceives U.S. Food and Drug Administratio approval of its Pipeline Embolization Device fortreatingf aneurysms. Ev3 doesn’t expect to make the payment untip 2011.
A cerebral aneurysm is a ballooning of bloo d vessel in the brain that can causer stroke and even death if it ThePipeline device, which has alread received European approval, is designecd to treat an aneurys with a minimally invasive techniquwe that diverts blood flow away from the weakenes blood vessel. Robert Palmisano, president and CEO of Ev3, said in a news released that the Chestnut’s product will “benefit the largee number of patients suffering from braim aneurysms that currently are not well treateds with either surgical orendovascular techniques.” Chestnut’sx top executive, Dr.
Aaron described Ev3 as an “ideal partner to accelerate the rapid diffusion of our productx aroundthe world.” The acquisition is expectec to close in the next 45
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