Medical device maker St. Jude Medical Inc said it had bought California-based Nanostim Inc for USD 123.5 million. The purchase came as Nanostim's wireless pacemaker also obtained approval from the European Union. Two years ago, St. Jude backed Nanostim. The investment gave the Minnesota-based heart rhythm devices maker exclusive acquisition rights to the latter.

In February, St. Jude made the announcement to buy Nanostim by the end of this year. Should Nanostim's product hit conditional regulatory and sales goals, St. Jude would be paying an additional USD 65 million as agreed in their acquisition arrangement.

St. Jude said Nanostim's miniature pacemaker would be implanted inside a patient's heart. The device would be made available soon in selected markets in Europe. The pacemaker would not require wires or leads to be connected to the heart. Rather, it would be implanted with a catheter that would pass through the femoral artery. It could also be removed without the need for a surgical operation.