Medtronic Inc. (NYSE:MDT) picked up another cardiovascular device company in the latest of a series of acquisitions.
The largest medical device maker in the world today announced an agreement to acquire hypertension treatment developer Ardian Inc. in an $800 million deal, adding to its growing portfolio.
Mountain View, Calif.-based Ardian’s flagship device, the Symplicity catheter system, has received CE mark approval and Australia TGA listing, but is not yet approved by the Food & Drug Administration. It is a catheter-based system indicated for uncontrolled hypertension and works through renal nerve denervation.
"We view renal denervation for the treatment of uncontrolled hypertension as one of the most exciting growth markets in medical devices," said Medtronic coronary and peripheral business vice president Sean Salmon in prepared remarks.
Ardian is the Fridley, Minn.-based company’s tenth announced acquisition deal since 2009.
Medtronic last week completed its takeover of Eatontown, N.J.-based bone-regenerative products maker Osteotech Inc. for about $123 million in cash, according to the company. It has had trouble turning its new portfolio additions into profits. Medtronic’s first-quarter sales rose just 2 percent, prompting the company to reduce its sales and profit forecasts for 2011, and some analysts suspect Medtronic will further lower that guidance when the company reports second-quarter earnings tomorrow.