In May 2022, the two companies announced their intent to form a new medical device company for kidney care. They temporarily dubbed the company “NewCo.” Medtronic and DaVita described its mission as aiming to enhance the patient experience and improve outcomes for kidney care patients.
Regulatory filings last month indicated the official change to Mozarc Medical. Medtronic filed trademark applications with the U.S. Patent and Trademark Office for Mozarc and Mozarc Medical. The applications related to dialysis products.
Ven Manda, a 28-year veteran of Medtronic, is the CEO of Mozarc, which includes the former Medtronic Renal Care Solutions (RCS) business. The former RCS leadership team at the medtech giant transitioned to serve as Mozarc’s leadership team.
Mozarc Medical is set up for success
Manda said the company “is well-positioned for long-term success,” thanks to its proven industry leadership and strong product portfolio. He added that Mozarc features a strong R&D pipeline with strategic investments from Medtronic and DaVita.
“Mozarc Medical’s focus will be on meaningful and innovative kidney health technologies that improve the overall patient experience and increase access to care globally,” Manda said. “At a time when patient preferences are evolving and in-home kidney care is on the rise, Mozarc Medical is uniquely positioned to better serve patients with kidney disease around the world.”
Under the terms of last year’s agreement, Medtronic and DaVita co-0wn Mozarc with equal equity stakes. Medtronic said its RCS business brought in revenues of $64 million, $63 million and $70 million in the first three quarters of 2023, respectively.
“The launch of Mozarc Medical holds tremendous promise to improve the lives of patients living with kidney disease as it seeks to revolutionize the approach to home dialysis by improving accessibility, ease of use, and clinical performance,” said Dr. Mahesh Krishnan, group VP of R&D at DaVita. “Our investment in this venture is born from our decades-long commitment to advancing kidney care, and our aim is that it will fuel patient-centric solutions that may not have otherwise been possible.”
News continues to come in for Medtronic
In addition to the talk of business sales and spinoffs, Medtronic has been in the news a lot recently.
Here are a few recent reports on increasing activity at the company:
- Earlier this month, the company offered early retirements as layoffs across the industry continue to pile up. Company officials have said there are “significant expense reductions” underway at the medtech giant
- In the midst of some uncertainty, the company received some good news in Europe. Its Affera ablation system for mapping and ablating atrial arrhythmias — including AFib — received CE mark.
- Medtronic updated its website to indicate a change in its business operating units. A promotion indicated the combination of its surgical robotics and surgical innovations units.
- A day after MassDevice reported this change, Medtronic confirmed the consolidation. It took effect on Feb. 1.
- The company also partnered with Nvidia to enable an AI Access platform. This move aims to boost the GI Genius intelligent endoscopy module’s capabilities.
- Its Medtronic Global Holdings S.C.A subsidiary priced an offering of senior notes worth $2 billion. The company wants to strengthen its resilience against the present macroeconomic headwinds.
- Reuters reported that ICU Medical and GE HealthCare plan to battle over a couple of Medtronic’s business units. The company put its patient monitoring and respiratory interventions units on the shopping block last fall.
