Medtronic Acquires Invatec, Expands PAD, Coronary Offerings
January 25, 2010 – Expanding its peripheral vascular disease product offerings, Medtronic Inc. today signed an agreement to acquire Invatec and two affiliated companies.
“Medtronic’s acquisition of Invatec will accelerate the growth of our cardiovascular business, adding important new products for the coronary and peripheral vascular markets,” said Scott Ward, senior vice president at Medtronic and president of the cardiovascular business.
Invatec’s array of stents, angioplasty balloons and accessory products complement therapies and products in Medtronic’s cardiovascular business. Medtronic said it also adds a robust peripheral franchise and pipeline. Invatec is the only company to bring four drug-eluting balloons to market, covering the coronaries and lower-extremity vessels. It is a pioneer in the development and commercialization of lesion-specific solutions, including therapies for below-the-knee and carotid artery disease.
The acquisition includes Fogazzi, a company that provides polymer technology to Invatec, and Krauth Cardiovascular, which distributes Invatec products in Germany. The agreement calls for Medtronic to make an initial payment of $350 million to Invatec and additional payments of up to $150 million for Invatec’s achievement of specific milestones.
“Invatec brings to Medtronic an established international business with a European center of technology development and manufacturing, as well as a strong history of delivering products and high-value solutions to the interventional market,” said Andrea Venturelli, cofounder, chief executive and technical officer of Invatec.
For more information: www.medtronic.com, www.invatec.com