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CALIFORNIA | MEDICAL DEVICES | THE STATE

EndoSonics to Acquire Cardiometrics

January 28, 1997|Times Staff and Wire Reports

EndoSonics Corp. agreed to buy Cardiometrics Inc. for about $67 million in cash and stock in a transaction combining two makers of medical devices to treat cardiovascular disease. Under the terms of the agreement, EndoSonics' offer is valued at $9 a share, based on Friday's closing stock prices. EndoSonics said it will exchange 0.35 newly issued share, 0.20 share of its CardioVascular Dynamics Inc. subsidiary and $2 in cash for each share of Cardiometrics Inc. Cardiometrics shares rose $1.06 to close at $7.44; EndoSonics shares fell $1 to $12.125. CardioVascular Dynamics, which is 45%-owned by EndoSonics, fell $1.25 cents to close at $10.75. All trade on Nasdaq. Pleasanton-based EndoSonics develops systems that use ultrasound technology to make images of arteries; Cardiometrics of Mountain View makes systems to measure the flow of blood through restricted arteries. The transaction is expected to close during the second quarter.

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