Medtronic’s Acquisition of Left-Heart Access Business from Acutus

Davis Polk advised Acutus Medical on the deal.

Acutus Medical, Inc. announced the sale of its left-heart access portfolio products to Medtronic, for an upfront payment of $50 million, as well as contingent consideration payments over time based on the achievement of certain milestones for up to $37 million and certain other consideration, as well as the negotiation of a $30 million senior secured term loan, the proceeds of which will be used to refinance its existing term loan. The transactions are subject to customary closing conditions.

Acutus is an arrhythmia management company focused on improving the way cardiac arrhythmias are diagnosed and treated. Acutus is committed to advancing the field of electrophysiology with a unique array of products and technologies which will enable more physicians to treat more patients more efficiently and effectively.

Medtronic is a global healthcare technology leader — boldly attacking the most challenging health problems facing humanitywith innovations that transform lives.

The Davis Polk corporate team included partner Alan F. Denenberg (Picture), counsel Jason Bassetti and associates Mark Keohane and Karen Yang. Partner David R. Bauer and associate David A. Frey provided intellectual property advice. Partner Corey M. Goodman and associate David Waldman provided tax advice. The finance team included partner David Hahn and associates Matthew J. Wiener, William Liang, and Davea Livingstone. Counsel Mary K. Marks provided antitrust and competition advice.

Involved fees earner: Jason Bassetti – Davis Polk & Wardwell; David Bauer – Davis Polk & Wardwell; Alan Denenberg – Davis Polk & Wardwell; David Frey – Davis Polk & Wardwell; Corey Goodman – Davis Polk & Wardwell; David Hahn – Davis Polk & Wardwell; William Liang – Davis Polk & Wardwell; Davea Livingstone – Davis Polk & Wardwell; Mary Marks – Davis Polk & Wardwell; Matthew Wiener – Davis Polk & Wardwell; Karen Yang – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Acutus Medical;