Medtronic buys sleep apnea implant maker
This article was originally published in The Gray Sheet
Executive Summary
Medtronic gains Restore Medical's Pillar palatal implant system for treatment of obstructive sleep apnea and snoring through its $29 million acquisition of the company, announced April 22. The 510(k)-cleared device complements Medtronic ear, nose and throat products for "other upper airway obstructions, including the sinuses and tonsils/adenoids," according to the company (1"The Gray Sheet" Sept. 20, 2004, p. 18). St. Paul, Minn.-based Restore Medical had 2007 sales of $4.1 million, down 30%. The purchase deal values Restore at $1.60 per share - a 191% premium over its April 22 closing price of $0.55