La Jolla Technology Inc., a San Diego based medical electronics company, is being acquired by Minneapolis-based Medtronic, Inc., the world's leading producer of implantable cardiac pacemakers, the companies announced Friday. Terms of the all-cash transaction were not disclosed.
Founded in 1977, LTI makes transcutaneous electronic nerve stimulation (TENS) devices and accessories used as an alternative to drug therapy to relieve pain. LTI employs 150 and posted 1986 revenues of "between $13 million and $15 million," a LTI spokesman said.
All LTI research, marketing and manufacturing functions will remain in San Diego, president Sheldon Meredith said in a prepared statement. Medtronic, which reported $403 million revenues excluding discontinued operations for fiscal 1986, said LTI will become a wholly owned subsidiary in its Neurological Division.
Meredith, who was not available for comment Friday afternoon, will remain with Medtronic and also become president of an independent company that Medtronic will spin off from LTI. The company called LTI Biomedical Inc. will continue efforts to develop bone electronic growth stimulation devices.