Medtronic (NYSE:MDT) announced today that it completed its $1 billion acquisition of cardiac mapping and ablation technology developer Affera.
Newton, Massachusetts-based Affera designs and manufactures cardiac mapping and navigation systems, as well as catheter-based cardiac ablation technologies, including a differentiated, focal pulsed-field ablation platform for treating cardiac arrhythmias like AFib.
In January, Medtronic announced an agreement to acquire Affera, with CEO Geoff Martha labeling the deal as a nearly $1 billion transaction at the J.P. Morgan Healthcare Conference, adding that it includes a $250 million contingent consideration.
The company had been a strategic investor in Affera through its minority investment portfolio. Prior to the acquisition, Medtronic held a 3% stake in the company.
The acquisition expands Medtronic’s cardiac ablation portfolio to include its first-ever cardiac mapping and navigation platform that encompasses a differentiated, fully integrated diagnostic, focal pulsed field and radiofrequency ablation solution.
“This acquisition marks an important growth milestone for our cardiac ablation portfolio,” said Rebecca Seidel, president of the cardiac ablation solutions business at Medtronic. “We’re incredibly proud to have led the industry with the introduction of the proven safe and effective cryoablation technology; and now these new additions to our portfolio help support a leap forward in our commitment to build a comprehensive portfolio and help physicians achieve the best outcomes for patients.”
Affera’s technology is compatible with Medtronic and multiple competitive therapeutic catheters and technologies. It also brings its Sphere-9 cardiac diagnostic and ablation catheter for the rapid creation of detailed electro-anatomical maps and delivers radio frequency (RF) and pulsed field (PF) cardiac ablation therapies.
The company also has pipeline products like the Arc-10 coronary sinus (CS) diagnostic catheter and Sphere PVI ablation catheter. Since Dec. 2021, the company has conducted the Sphere Per-AF trial under FDA investigational device exemption. The trial, which evaluates the Affera system for treating persistent AFib, will be supported by Medtronic as part of the acquisition.
“The Affera team is very excited to be joining Medtronic cardiac ablation solutions. The acquisition enhances and accelerates our ability to treat millions of patients around the world suffering from cardiac arrhythmia with our innovative technology,” said Doron Harlev, founder and CEO of Affera. “Our team designed the Affera platform with physicians and patients in mind, to advance the field of electrophysiology while supporting safe and efficient cardiac ablation procedures.”