Medtronic (NYSE:MDT) completed the purchase of Ardian, a developer of catheter-based therapies for hypertension treatment.
The $800 million cash deal includes additional performance-based milestone payments through Medtronic’s fiscal year 2015, according to the company.
The Minneapolis-based medical device giant already held an 11.3 percent ownership stake in Ardian.
The Mountain View, Calif.-based company is developing a device called the Symplicity Catheter System that uses radio-frequency energy to ‘deactivate’ sympathetic nerves in the kidneys, lowering blood pressure. The device has received CE Mark approval for sale in Europe and Australia TGA listing, according to the company.
Clinical trials are in progress for Food & Drug Administration approval, but it is “far too early to speculate on,” said a company spokesperson. If successful, the therapy may also one day play a role in treating heart failure, insulin resistance and chronic kidney disease, diseases also characterized by a hyperactive sympathetic drive. The Symplicity system will be subsumed by Medtronic’s Santa Rosa-based Coronary and Peripheral Business unit, which is 100 miles north of Ardian. The company is Medtronic’s tenth announced acquisition deal since 2009.
Ardian’s technology was created by Minnesota entrepreneurs, funded by a Minnesota venture capital firm, but the company set up shop in California in 2003, with the help of Menlo Park, Calif.-based medical device incubator The Foundry.
Here’s a roundup of companies announcing mergers and acquisistions:
- Globus Medical acquires Facet Solutions Inc.
Globus Medical Inc., the largest privately held spinal implant manufacturer in the world, announced that it has acquired substantially all of the assets of Hopkinton, Mass.-based Facet Solutions Inc. The terms of the acquisition were not disclosed. Facet Solutions has been involved the development of facet arthroplasty devices since 2003 and has completed pilot studies in Brazil, Europe and the United States. The leading product in its portfolio is ACADIA, an unconstrained pedicle screw based total facet replacement system.
- Behrman Capital buys out Atherotech
Behrman Capital, a private equity investment firm based in New York and San Francisco, today announced that it has acquired Atherotech, a Birmingham, Alabama-based provider of cardiometabolic testing services that offers the VAP (Vertical Auto Profile) advanced lipid profile test. The transaction closed on December 23, 2010. The equity capital for the acquisition came from Behrman Capital IV L.P., with debt financing provided by MidCap Financial. Atherotech’s patented VAP Test provides direct, detailed measurements of the lipid subclasses that cause cardiovascular disease. VAP technology more accurately identifies people at risk of heart disease than the traditional cholesterol tests developed in the 1970s, and does so at no significant additional cost.
Material from MedCity News was used in this report.