Shares of St. Jude Medical rose after the device maker received European approval to sell the first pacemaker that doesn’t require implanted wires to attach to the heart.
The device was developed by California-based startup Nanostim with funding from St. Jude. The St. Paul, Minn.-based device maker also said it would acquire the smaller company for more than $123 million.
Pacemakers are battery-powered implants that help the heart maintain a steady beat. The devices have traditionally been implanted through a surgery that creates a small pocket in the chest for the device and its wires, called leads, which attach to the heart.
The Nanostim pacemaker’s battery is designed to last between nine and 13 years. It is expected to soon launch in some European countries.