Acutus Medical sale of its left-heart access portfolio products and refinancing
Davis Polk advised Acutus Medical, Inc. on the first closing of the sale of its left-heart access portfolio products for an upfront payment of $50 million to Medtronic, Inc. Acutus Medical will further be eligible to receive contingent consideration payments over time based on the achievement of certain milestones for up to $37 million and certain other consideration.
Davis Polk also advised Acutus Medical, as borrower, in connection with a $35 million loan facility provided by Deerfield Partners, L.P. and Deerfield Private Design Fund III, L.P. and agented by Wilmington Trust, National Association. The term facility will be used to refinance its existing credit facility and for general corporate purposes.
Acutus Medical is an arrhythmia management company focused on improving the way cardiac arrhythmias are diagnosed and treated.
The Davis Polk corporate team included partner Alan F. Denenberg, counsel Jason Bassetti and associates Mark Keohane and Karen Yang. The finance team included partner David Hahn and associates Matthew J. Wiener, Davea Livingstone and David Waldman. Partner Corey M. Goodman and associate Dov Sussman provided tax advice. Members of the Davis Polk team are based in the Northern California and New York offices.