In light of the rapidly changing coronavirus (COVID-19) situation, Troutman Sanders and Pepper Hamilton have postponed the effective date of their previously announced merger until July 1, 2020. The new firm – Troutman Pepper – will feature 1,100+ attorneys across 23 U.S. offices. Read more.
Pepper Hamilton LLP provided legal counsel to AtriCure, Inc., a leading innovator in treatments for atrial fibrillation and left atrial appendage management, as it entered into a definitive agreement to acquire SentreHEART, Inc., a privately held developer of percutaneous left atrial appendage management solutions.
Under the terms of the agreement to acquire SentreHEART, the transaction consideration consists of an upfront payment of approximately $40 million in cash and AtriCure common stock, plus additional contingent consideration based on the achievement of certain clinical and reimbursement milestones over the next several years, all of which are value-creating events. Of the contingent consideration, $140 million is based on milestones related to the aMAZE™ IDE clinical trial, including premarket approval, and $120 million is based on a milestone related to reimbursement for the therapy involving SentreHEART devices. All contingent consideration would be payable in a combination of cash and stock.
The Pepper team was led by Rachael M. Bushey and Jennifer L. Porter and included partners Joan C. Arnold, Michael J. Crumbock, Maia H. Harris, Susan K. Lessack and Judith L. O'Grady; of counsel Rachel A. Mynhier; and associates Matthew P. Celano, Amanda L. DeMarco, Matthew R. Gerber, Morgan Klinzing and Katherine Riddle.