Terms of the transaction were not disclosed by the medtech giant or the soon-to-be acquired San Juan Capistrano, Calif.-based company, which focuses on the endovascular creation of AV fistulae for patients with end-stage renal disease (ESRD) undergoing dialysis, according to a news release.
Avenu Medical’s Ellipsys vascular access system is a single-catheter, ultrasound-guided device designed to insert a catheter percutaneously into the arm to create a durable AV fistula. Avenu’s system can be used in procedures in the hospital outpatient department, ambulatory surgery center or physicians’ office.
The Ellipsys vascular access system has already garnered FDA approval and CE Mark approval in Europe with indications in both geographies for creating a proximal radial artery for perforating vein anastomosis in the percutaneous creation of an AV fistula.
Medtronic expects the acquisition to close in October. Once closed, it would mark the sixth tuck-in acquisition made by the Fridley, Minn.-based company in 2020. Medtronic expects the transaction to be immaterial to its adjusted earnings per share for the first two fiscal years before it turns accretive in fiscal 2023.
“Medtronic’s acquisition of Avenu aligns directly with our vision of bringing less invasive, endovascular solutions to patients requiring durable vascular access,” Avenu Medical president & CEO Mark Ritchart said in the news release. “With Medtronic’s extensive market presence, clinical leadership, and market development expertise, coupled with Avenu’s customer-focused team and innovative technology, we are confident that together, we can drive awareness and adoption of this technology globally.”
“Within the last year, we’ve seen significant momentum with the launch of the IN.PACT AV drug-coated balloon (DCB) in the U.S. and primary endpoint results of the IN.PACT AV Access study being published in The New England Journal of Medicine,” Medtronic VP & GM of its peripheral vascular business Mark Pacyna said. “Now with the acquisition of Avenu Medical, we can support procedures across the vascular access care continuum, while continuing to provide innovative endovascular therapies that will ultimately reach even more patients with ESRD around the world.”