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LivaNova to acquire sleep therapy developer for up to $225M

LivaNova PLC agreed to acquire the remaining outstanding interests in ImThera Medical Inc. for up to $225 million.

London-headquartered LivaNova has been an investor in the privately held sleep therapy developer since 2011.

LivaNova will pay about $78 million up front and the rest on reaching certain regulatory and sales milestones.

The deal is expected to close in early 2018.

"In the near term, we will focus on expanding ImThera's current commercial presence in the European market, while advancing enrollment in a U.S. Food and Drug Administration pivotal trial," LivaNova CEO Damien McDonald said.

ImThera manufactures an implantable device for treating obstructive sleep apnea, a disorder which causes obstructed breathing during sleep.