US-based medical device maker Boston Scientific Corp today agreed to acquire Cameron Health Inc for $150 million in cash and additional payments of up to $1.20 billion on achieving certain regulatory and sales milestones.

San Clemente, California-based Cameron Health has developed the world's only subcutaneous implantable cardioverter defibrillator - the S-ICD System that can be implanted beneath the skin, unlike conventional defibrillators, which require thin, insulated wires to pass through the venous system and into the heart.

The S-ICD System sits just below the skin and leaves the heart and blood vessels untouched. This one-of-a-kind technology has the potential to expand the reach of ICD therapy, offering physicians and patients a new alternative to traditional ICDs.

Boston Scientific will pay $150 million on closing and another $150 million if Cameron's S-ICD System gets the US Food and Drug Administration approval.

The world's second-largest cardiac-device maker will pay another $1.05 billion upon the device generating specified revenue over a six-year period. 

The S-ICD System has been commercially available in select countries, including several major European countries, since 2009. Boston Scientific said that the system has been clinically evaluated in a variety of studies and has been implanted in more than 1,000 patients worldwide.