Bangalore company buying Bothell's Cardiac Science

Cardiac Science of Bothell has agreed to be acquired for $2.30 per share by a medical equipment company based in Bangalore, India.

The all-cash deal represents a 10 percent premium to Monday's closing price of Cardiac Science shares, the companies said Tuesday.

Opto Circuits (India) Limited, which will pay roughly $55 million for Cardiac Science, is a developer and marketer of healthcare equipment including pulse oximeters, patient monitoring systems, sensors, digital thermometers, anesthesia and respiratory care equipment, and stents.

It reported revenues of $243 million in the latest fiscal year, and sells primarily in the US, Europe and South East Asia.

Cardiac Science has struggled for a year with product recalls and FDA warnings concerning its automated external defibrillators (AEDs), which are sold under the Powerheart, CardioVive, Nihon Kohden and GE Responder labels.

In July, Cardiac Science said it would replace about 24,000 AEDs for U.S. medical facilities and emergency services under a revised recall plan the Bothell company has negotiated with the Food and Drug Administration.

The move expanded on a limited recall announced by Cardiac Science in November.

CEO Dave Marver said in July the replacement program would cost between $10 million and $15 million, on top of apreviously announced charge of $18.5 million. The company said it would finance the recall with a combination of cash and borrowing.