Advertising

The Seattle Times Company

NWjobs | NWautos | NWhomes | NWsource | Free Classifieds | seattletimes.com

Business / Technology


Our network sites seattletimes.com | Advanced

Originally published October 19, 2010 at 8:12 AM | Page modified October 19, 2010 at 8:50 PM

Comments (0)     E-mail E-mail article      Print Print      Share Share

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.

By Seattle Times business staff

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.

E-mail E-mail article      Print Print      Share Share

More Business & Technology

UPDATE - 09:46 AM
Exxon Mobil wins ruling in Alaska oil spill case

UPDATE - 09:32 AM
Bank stocks push indexes higher; oil prices dip

UPDATE - 08:04 AM
Ford CEO Mulally gets $56.5M in stock award

UPDATE - 07:54 AM
Underwater mortgages rise as home prices fall

NEW - 09:43 AM
Warner Bros. to offer movie rentals on Facebook

More Business & Technology headlines...

News where, when and how you want it

Email Icon

Comments
No comments have been posted to this article.

advertising


Get home delivery today!

Video

Advertising

AP Video

Entertainment | Top Video | World | Offbeat Video | Sci-Tech

Marketplace

New 3-wheelers merge fun and safety new
Children who begin their vehicular life on tricycles typically migrate to two-wheelers by the time they start kindergarten, eventually graduating to f...
Post a comment

Advertising