St. Jude Medical

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St. Jude Medical

logo
legal form Corporation
ISIN US7908491035
founding 1976
Seat Saint Paul , Minnesota , United StatesUnited StatesUnited States 
management Michael T. Rousseau (President and CEO )
Number of employees 18,000
sales 5,541,000,000 US dollars
Branch Medical technology
Website www.sjm.com
As of January 2, 2016

St. Jude Medical is a global company that manufactures medical devices for diseases of the heart and nervous system, including pacemakers, implantable defibrillators, neurostimulators and heart valves. The company is headquartered in St. Paul, Minnesota in the United States . St. Jude Medical is listed on the New York Stock Exchange and on the S&P 500 Index . The company sells products in more than 100 countries. In Germany, St. Jude Medical is currently represented by over 300 employees. The head office is in Eschborn near Frankfurt am Main . The company was named after the apostle Jude Thaddaeus , the patron saint of hopeless cases. St. Jude Medical was founded in 1976 and went public a year later. In January 2017, Abbott Laboratories acquired St. Jude Medical for $ 25 billion. The company has also been listed among the Fortune 500 since 2010 .

history

Early history

In 1958, the Swedish engineer Rune Elmqvist developed the world's first implantable cardiac pacemaker. Together with the doctor Åke Senning , he implanted the pacemaker in a patient in Stockholm on October 8, 1958. The company founded by Elmquist is now part of St. Jude Medical.

St. Jude Medical was founded by Manny Villafana in 1976 to develop therapy for his child who had severe valvular heart disease. For this reason, the double-wing heart valve has been further developed. This heart valve was originally developed at the University of Minnesota in 1972 . The artificial double-leaflet heart valve was largely developed by Dr. Demetre Nicoloff of the University of Minnesota and Don Hanson, employee of St. Jude Medical. St. Jude Medical's operations manager since inception, LaVerne Rees, became general manager in 1981. Rees tried to develop its own carbon coating. This led to a lawsuit with Carbomedics , the company's sole supplier of carbon coatings for heart valves. Lawrence Lehmkuhl followed Rees in 1985 as Managing Director of St. Jude Medical. Lehmkuhl was the former division president at American Hospital Supply Corporation . Shortly thereafter, St. Jude Medical resolved the litigation with Carbomedics. The two companies reached an agreement that gave St. Jude Medical permission to continue developing and manufacturing a limited amount of its own carbon coatings. The first heart valve to be created with St. Jude Medical's carbon coating was implanted in a patient in Germany in 1986. In the same year the company expanded with the takeover of Bioimplant.

1990s

In 1990 the company set up its international department in Zaventem near Brussels .

In April 1991, St. Jude Medical agreed with Hancock Jaffe Laboratories to found the Heart Valve Company, a joint venture with the aim of designing new tissue heart valves for the American market. The Heart Valve Company's first biological heart valve was implanted in a patient at Glenfield Hospital in Leicester, England in 1994. In January 1996, St. Jude Medical acquired the 50% stake in Heart Valve Company from Hancock Jaffe Laboratories and became the sole owner.

Lawrence Lehmkuhl, who had increased sales by 800% during his tenure as head of the company, moved to the position of chairman in March 1993; he was succeeded as Chairman and CEO of St. Jude Medical, Ronald Matricaria, former head of North America at Eli Lilly and Company . Matricaria pushed for increasing diversification and expansion of the company, which at that time was heavily dependent on heart valves as the only product. In June 1994, St. Jude Medical announced that it would acquire the Siemens subsidiary Pacesetter Inc. , at that time the second largest manufacturer of pacemakers in the world, for US $ 500 million as a second pillar .

In January 1996, St. Jude Medical further diversified its business by purchasing Daig Corporation of Minnetonka, Minnesota , a manufacturer of cardiac catheters for diagnostic and therapeutic treatments, for $ 442.5 million. In September 1996, St. Jude Medical also acquired Biocor Industria , a Brazilian manufacturer of biological heart valve tissue .

In February 1999 the Angio-Seal business was acquired by Tyco International . The Angio-Seal is a puncture closure device that stops blood flow while using cardiac procedures such as removing blood clots from blocked arteries .

Matricaria resigned as chairman of St. Jude Medical in March 1999; he was replaced by Terry Shepherd, who had headed St. Jude Medical's heart valve business since 1994, but remained chairman of the St. Jude Medical Board.

Later story

In April 2003, St. Jude Medical acquired the main distributor of its products in Japan, Getz Bros. Co., Ltd. for $ 230 million in cash. In May 2003, this was followed by a minority stake in Epicor Medical, Inc. , a manufacturer of devices for the treatment of atrial fibrillation , for $ 15 million, which resulted in a further payment of $ 185 million in July 2004 in a complete takeover of the company.

In May 2004 Terry Shepherd handed over the position of CEO of St. Jude Medical to the previous COO Daniel Starks. The company, until then debt-free, began an aggressive takeover strategy to accelerate its growth. With the acquisition of Irvine Biomedical Inc. in September 2004 for 47 million US dollars, St. Jude Medical expanded its product portfolio for electrophysiological applications.

In January 2005, St. Jude Medical announced the acquisition of Endocardial Solutions, Inc. , a manufacturer of systems for the localization and navigation of diagnostic and therapeutic ablation catheters, for $ 272 million. In April 2005, St. Jude Medical bought cardiac device maker Velocimed for $ 74 million. In November 2005, St. Jude Medical announced that it had acquired Advanced Neuromodulation Systems , a manufacturer of implantable neurostimulators , for $ 61.25 per share (approximately $ 1.3 billion).

In January 2006, St. Jude Medical completed the acquisition of Savacor for $ 50 million in cash. At that time, Savacor was developing an implantable sensor to detect symptoms of progressive heart failure.

In July 2008, St. Jude Medical acquired EP MedSystems, Inc. , a manufacturer of products for the visualization, diagnosis, and treatment of cardiac arrhythmias for $ 91 million in cash and treasury stock . In December 2008, St. Jude Medical announced that it had acquired Swedish Radi Medical Systems AB for US $ 250 million in cash and Israeli MediGuide Inc. for US $ 300 million in cash to expand its atrial fibrillation and Expand cardiology.

With the acquisition of the medical technology manufacturer Northstar Neuroscience, Inc. for US $ 2 million in June 2009, St. Jude Medical expanded its portfolio to include a therapy for the treatment of severe depression , stroke and other neurological disorders by stimulating the cerebral cortex .

In October 2010, St. Jude Medical acquired AGA Medical for $ 1.3 billion. AGA Medical was a Plymouth, Minnesota- based company that makes products (including closure systems) for the treatment of heart defects . In 2010, the company also bought LightLab Imaging , a company that developed optical coherence tomography to help doctors treat heart disease.

In December 2010, the sale was ICD - electrodes Riata and Riata ST St. Jew Medical by the FDA stopped after it was known, the electrode sheaths partially dissolve in these devices and exposed bare wires in the body of the patient. In December 2011, the FDA ordered a recall (Class I recall) on the device. In February 2015, St. Jude Medical resolved a large portion of the lawsuits resulting from this issue by paying up to $ 14.25 million.

In May 2011, St. Jude Medical acquired a stake in the medical technology startup Nanostim , based in Sunnyvale, California , which also secured the company an exclusive takeover option. After Nanostim received CE approval in October 2013 for the first miniaturized pacemaker to be implanted directly into the heart, St. Jude Medical made use of this option for $ 123.5 million.

In April 2013, St. Jude Medical announced an extensive reorganization of its business operations that would extend over the following years, in which the numerous companies acquired in the previous years were to be better integrated into the overall group. The company reduced its previously four businesses to just two: Implantable Electronic Devices and Cardiovascular and Ablation Technology . In addition, other functions such as marketing, information technology and the legal department have been centralized in the group. At the same time, 5% of employees were laid off.

In June 2013, St. Jude Medical concluded a sales partnership and a participation agreement with takeover option with Spinal Modulation , the manufacturer of the Axium neurostimulator system. In 2015, St. Jude Medical exercised the option it had acquired and took over Spinal Modulation in full. In August 2013, St. Jude Medical bought Endosense , a Swiss company that developed a catheter that measures the pressure a doctor puts on a patient's heart wall during catheter ablation , for $ 170 million.

In May 2014, St. Jude Medical took over the private company CardioMEMS, Inc. and its system for wireless monitoring of the pulmonary artery , which had received FDA approval a few days earlier. In August 2014, St. Jude Medical bought the medical device manufacturer NeuroTherm , which developed a high-frequency facet denervation technique to treat chronic pain .

In September 2015, St. Jude Medical announced that CEO Daniel Starks will leave his position on January 1, 2016 after more than 11 years and that the previous COO Michael T. Rousseau will be his successor. On October 13, 2015, St. Jude Medical announced that it had acquired the world market leader in artificial hearts Thoratec in the largest acquisition in its company's history for $ 3.3 billion.

In August 2017, the US FDA issued a call for the software of St. Jude pacemakers to be updated because there were security gaps. More than 500,000 carriers worldwide are affected, 12,661 of them in Germany.

Product portfolio

St. Jude Medical is a manufacturer of implantable cardioverter defibrillators, cardiac pacemakers, electrophysiology catheters, vascular occlusion products, cardiac mapping and visualization systems, optical coherence tomography imaging systems, structural cardiac repair products, and neurostimulation devices.

In 2013, the company began marketing the Ilumen Optis Device, a diagnostic and assessment tool for patients with coronary artery disease . The device uses fractional reserve flow to measure intra-arterial pressure and optical coherence tomography to enable clinicians to examine the arteries within the patient.

St. Jude Medical operates six technology centers in

  1. Brussels Belgium)
  2. Beijing (China),
  3. Tokyo (Japan),
  4. Austin, Texas (USA)
  5. Saint Paul, Minnesota (USA) and
  6. Sylmar, California (USA).

These centers provide training for physicians and enable them to simulate procedures using St. Jude Medical equipment and technology.

Today the company supplies products for the treatment of cardiac arrhythmias , valvular heart disease, coronary artery disease, heart failure , high blood pressure and other diseases of the cardiovascular system, chronic pain , Parkinson's and neurological complaints.

Individual evidence

  1. ↑ Corporate Leadership
  2. ↑ a b Form 10-K 2015
  3. ↑ a b c d e f g h i St. Jew Medical, Inc. . International Directory of Company Histories. Retrieved March 6, 2014.
  4. ↑ a b c Terry Fiedler: A perfectible heart; St. Jude Medical's mechanical heart valve is still the market standard 25 years after a Minnesota woman received the first implant in surgery at the U of M. , Star Tribune . October 3, 2002. Archived from the original on February 8, 2016 Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. . Retrieved February 8, 2016. @1@ 2Template: Webachiv / IABot / www.highbeam.com 
  5. ↑ Abbott to Buy St. Jude Medical in Deal Valued at About $ 25 Billion . In: Bloomberg.com . April 28, 2016 ( bloomberg.com [accessed January 23, 2017]).
  6. ^ Fortune 500: 445. St. Jude Medical . CNN Money. Retrieved June 3, 2014.
  7. ^ A (not so) brief history of electrocadiography. . EGC Library. Retrieved June 3, 2014.
  8. ^ Leonard Sloane: BUSINESS PEOPLE; Shift at St. Jude Medical , The New York Times . June 23, 1981. Retrieved February 12, 2016. 
  9. ^ A legal battle between two companies that co-developed an artificial heart valve , United Press International . February 27, 1985. Retrieved February 12, 2016. 
  10. ^ A b St. Jude Picks Lawrence Lehmkuhl As President and Chief , The Wall Street Journal . February 12, 1985. 
  11. ↑ Heart Valve Companies Are Ready for Battle As St. Jude Medical Gets Back in the Market , The Wall Street Journal . September 19, 1985. 
  12. ↑ a b St. Jew Medical, Inc. . Hoovers. Retrieved March 6, 2014.
  13. ↑ a b Hancock Jaffe Sells Heart Valve Stake , Los Angeles Times . January 7, 1996. Retrieved February 12, 2016. 
  14. ↑ St. Jude Medical: Locations , St. Jude Medical. Retrieved February 12, 2016. 
  15. ↑ The Mugging of St. Jew --- Why the Street's Wrong in Roughing Up the floor , Barron's. August 31, 1992. 
  16. ↑ St. Jude Bioprosthetic Valve Implanted , Reuters News. March 30, 1994. 
  17. ↑ International Directory of Company Histories, Vol. 11: St. Jude Medical, Inc. History , St. James Press. 1995. Retrieved February 12, 2016. 
  18. ↑ ST. JUDE MEDICAL TAPS LILLY EXEC MATRICARIA FOR PRESIDENT / CEO , Pharma & Medtech Business Intelligence. March 22, 1993. Retrieved February 12, 2016. 
  19. ^ Greg Miller: St. Jude Medical to Buy Siemens Pacesetter , Los Angeles Times . June 29, 1994. Retrieved February 12, 2016. 
  20. ^ COMPANY NEWS; ST. JUDE MEDICAL TO ACQUIRE HEART-DEVICE MAKER , The New York Times . January 31, 1996. Retrieved February 12, 2016. 
  21. ↑ St. Jude Medical Acquires Biocor, A Tissue Heart Valve Leader , PR Newswire. September 23, 1996. Retrieved February 12, 2016. 
  22. ↑ ST. JUDE MEDICAL TO ACQUIRE ANGIO-SEAL FROM TYCO , The New York Times . February 6, 1999. Retrieved February 12, 2016. 
  23. ↑ Thomas M. Burton: St. Jude Medical's CEO to Step Down In the Wake of Disappointing Results , The Wallstreet Journal. March 3, 1999. Retrieved February 12, 2016. 
  24. ↑ St. Jude Medical Completes Acquisition Of Getz Bros. Co., Ltd., Its Largest Japanese Distributor , St. Jude Medical. April 1, 2004. Retrieved February 6, 2016. 
  25. ^ St. Jude Medical Announces Investment in Epicor Medical, Inc. , Business Wire . May 2, 2004. Retrieved February 6, 2016. 
  26. ↑ St. Jude Medical Completes Acquisition of Epicor Medical . July 1, 2004. Retrieved February 6, 2016. 
  27. ^ St. Jude Medical Chairman and CEO Terry Shepherd to Retire in May 2004; President and COO Dan Starks to Succeed Shepherd , St. Jude Medical. December 10, 2003. Retrieved February 6, 2016. 
  28. ↑ St. Jude Medical Announces Closing of Irvine Biomedical, Inc. Acquisition . October 7, 2004. Retrieved February 6, 2016. 
  29. ↑ St. Jude Medical Completes Acquisition of Endocardial Solutions, Inc. , St. Jude Medical. January 13, 2005. Retrieved February 6, 2016. 
  30. ↑ St. Jude Medical Completes Acquisition of Velocimed , St. Jude Medical. April 6, 2005. Retrieved February 6, 2016. 
  31. ↑ St. Jude Medical Obtains HSR Clearance To Acquire Advanced Neuromodulation Systems , St. Jude Medical. November 4, 2005. Retrieved February 6, 2016. 
  32. ↑ St. Jude Medical Completes Acquisition of Savacor , St. Jude Medical. January 3, 2006. Retrieved February 6, 2016. 
  33. ↑ St. Jude Medical Completes Acquisition of EP MedSystems and Announces Final Prorated Results of EP MedSystems Shareholder Cash / Stock Elections , St. Jude Medical. July 7, 2008. Retrieved February 6, 2016. 
  34. ^ St. Jude Medical Acquires Radi Medical Systems , St. Jude Medical. December 21, 2008. Retrieved February 6, 2016. 
  35. ↑ St. Jude Medical Acquires MediGuide , St. Jude Medical. December 22, 2008. Retrieved February 6, 2016. 
  36. ↑ St. Jude Medical Acquires Intellectual Property and Non-Cash Assets of Northstar Neuroscience, Inc. , St. Jude Medical. June 8, 2009. Retrieved February 6, 2016. 
  37. ↑ Chen May Yee: St. Jude to buy AGA Medical , Star Tribune . October 18, 2010. Retrieved February 8, 2016. 
  38. ^ Jon Kamp: St. Jude in Deal for AGA Medical , The Wall Street Journal Online. October 19, 2010. Retrieved February 8, 2016. 
  39. ↑ Janet Moore: St. Jude to spend $ 90 million to buy imaging company , Star Tribune . May 19, 2010. Retrieved February 8, 2016. 
  40. ^ FDA: "Recall" of electrodes of internal defibrillators . December 22, 2011. Archived from the original on February 7, 2016 Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. . Retrieved February 6, 2016. @1@ 2Template: Webachiv / IABot / www.aerzteblatt.de 
  41. ↑ St. Jude Medical Settles, Closing Out Riata Suits , Deutsches Ärzteblatt . February 27, 2015. Retrieved February 6, 2016. 
  42. ↑ Nanostim Signs Investment Agreement with St. Jude Medical Including Exclusive Option to Purchase , Business Wire . May 3, 2011. Retrieved February 9, 2016. 
  43. ↑ St. Jude Medical Announces Acquisition and CE Approval of World's First Leadless Pacemaker , Business Wire . October 14, 2013. Retrieved February 6, 2016. 
  44. ↑ James Walsh: St. Jude lays off 300, reorganizes // Analysts saw a connection to what St. Jude will have to pay in a new medical device tax. Officials said the goals are broader , Star Tribune . August 31, 2012. 
  45. ↑ St. Jude Medical concludes participation agreement with takeover option with Spinal Modulation , Pharma-Zeitung. June 25, 2013. Retrieved February 6, 2016. 
  46. ↑ St. Jude Medical Completes Acquisition of Spinal Modulation, Inc. , St. Jude Medical. May 4, 2015. Retrieved February 6, 2016. 
  47. ↑ Patrick Kennedy: St. Jude acquires Swiss developer of force-sensing technology // St. Jude will pay $ 170 million for Endosense and could pay more if performance targets are met , Star Tribune . August 19, 2013. Retrieved February 8, 2016. 
  48. ↑ St. Jude Medical Completes Acquisition of CardioMEMS , St. Jude Medical. June 2, 2014. Retrieved February 6, 2016. 
  49. ↑ St. Jude Medical and CardioMEMS Announce FDA Approval of the CardioMEMS Heart Failure Management System , St. Jude Medical. May 28, 2014. Retrieved February 6, 2016. 
  50. ↑ St. Jude Medical Completes Acquisition of NeuroTherm , St Jude Medical. August 7, 2014. Retrieved February 6, 2016. 
  51. ↑ UPDATE 1-pc. Jude Medical CEO Daniel Starks to retire in January , Reuters . September 9, 2015. Accessed February 6, 2016. 
  52. ↑ St. Jude Medical completes acquisition of Thoratec , St. Jude Medical GmbH. October 13, 2015. Archived from the original on February 6, 2016 Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. . Retrieved February 6, 2016. @1@ 2Template: Webachiv / IABot / www.sjm.de 
  53. ↑ SPIEGEL ONLINE, Hamburg Germany: Security gap in pacemakers: 13,000 German patients have to go to the hospital for updates - SPIEGEL ONLINE - Netzwelt. Retrieved September 1, 2017 .
  54. ↑ St. Jude Medical's Ilumien Optis 3-D PCI Optimization System Approved in Europe . May 2013. Retrieved March 6, 2014.
  55. ↑ St. Jude's ILUMIEN OPTIS PCI Optimization System with FFR, OCT Cleared in EU . medGadget. May 17, 2013. Retrieved March 6, 2014.
  56. ↑ a b St. Jude Medical Expands Into Beijing, China . Asian Scientist. Retrieved March 6, 2014.
  57. ↑ a b St. Jude Medical advances China strategy, opens latest technology center . Med City News. Retrieved March 6, 2014.
  58. ↑ Advanced Technology Centers . St. Jude Medical. Retrieved March 6, 2014.

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