Medtronic Announces Heart Valve Technology Acquisitions


February 24, 2009

February 23, 2009 - Medtronic Inc. is acquiring CoreValve Inc., developer of a transcatheter, transfemoral aortic valve replacement product, and Ventor Technologies Ltd., a developer of transcatheter heart valve technologies for the treatment of aortic valve disease.

CoreValve’s non-surgical, alternative offers the large number of high or prohibitive surgical risk patients an opportunity to have their aortic valves replaced using a catheter inserted through an artery in the groin.

The CoreValve agreement calls for an initial payment of $700 million plus additional payments contingent upon the achievement of agreed milestones. CoreValve's ReValving System consists of an 18-French delivery catheter to percutaneously implant a porcine pericardial tissue bioprostheses valve inside the heart without bypass or open heart surgery.

The Ventor acquisition adds two technologies to Medtronic’s transcatheter valve portfolio: a minimally invasive, surgical transapical technology and a next generation percutaneous, transfemoral technology. These complementary technologies are said to benefit distinctly different subsets of patients with aortic stenosis who are at high or prohibitive risk for surgery.

Medtronic will acquire Ventor for a payment of $325 million.

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