A Medical Device Daily
In a move to further expand a comprehensive cardiovascular portfolio, Medtronic (Minneapolis) said it has completed its acquisition of CoreValve (Irvine, California). The deal was first disclosed on Feb. 23.
The agreement calls for an initial payment of $700 million plus additional payments contingent upon the achievement of agreed milestones.
CoreValve develops percutaneous, catheter-based transfemoral aortic valve replacement products. Its CoreValve ReValving system is not currently available in the U.S. for clinical trials or for sale, the company noted.
Medtronic also recently acquired Ventor Technologies (Netanya, Israel), a developer of percutaneous, catheter-based transapical aortic valve replacement products, for $325 million. That deal also was first disclosed Feb. 23.
"These acquisitions position us as a leader in one of the most exciting new markets in medical devices. We expect a significant number of people with aortic stenosis to benefit from these breakthrough technologies," said Bill Hawkins, CEO/chairman of Medtronic. "We have the scale and expertise to accelerate the use of these life-saving technologies."