The private placement, announced after market close yesterday, requires Medtronic to acquire a 16.0–19.99% stake in Anteris. In addition, Anteris is proposing a $200 million underwritten public offering, with the underwriters given a 30-day option to spend $30 million to buy additional shares of common stock at the public offering price (minus underwriting discounts and commissions).
Anteris, which was founded in Australia and has a significant presence outside of Minneapolis in Eagan, intends to use the investments to fund the next stages of its growth and advance execution of its clinical strategy for its DurAVR, which is shaped to mimic the performance of a healthy human aortic valve and aims to replicate normal aortic blood flow.
In an interview with MassDevice this morning, Anteris Technologies CEO Wayne Paterson said the deal with Medtronic came after 2.5 years of negotiations. Medtronic wanted to acquire the company outright because of the Anteris technology’s potential to make it more competitive against TAVR rival Edwards LifeSciences, but Medtronic eventually agreed to an investment that could enable a co-commercialization partnership and manufacturing collaborations around Minneapolis, according to Paterson.
According to the SEC filing related to the offering, Medtronic also has the right to a non-voting board of directors observer and secures “certain negotiation rights in connection with future third-party acquisition proposals.”
“It’s a good deal of us; it’s a good deal for them,” Paterson said.
AVR shares were up more than 3% to $5.96 apiece by midday trading on the Nasdaq. MDT shares were up slightly to $99.41 apiece on the NYSE. The S&P 500 was also up slightly.
There is ongoing recruitment for the DurAVR transcatheter heart valve global pivotal trial for patients with severe aortic stenosis (the “Paradigm trial”), and the company is expanding its manufacturing capabilities.
Company officials also expect a portion of the proceeds to fund ongoing R&D for v2vmedtech, Anteris’ partner company that is developing a next-gen transcatheter edge to edge repair (TEER) system for mitral and tricuspid valve regurgitation. The remaining funds could also be used for working capital and other general corporate purposes.
The Medtronic investment and other fundraising came nearly three months after Anteris announced positive one-year clinical outcomes for DurAVR. The balloon-expandable, biomimetic DurAVR THV is created with a single piece of molded Adapt tissue, Anteris’ patented anti-calcification bovine tissue technology.
At the J.P. Morgan Healthcare Conference in San Francisco last week, Medtronic officials said they were stepping up their tuck-in M&A efforts, and the investment in Anteris comes in the wake of Medtronic’s TAVR competitor Edwards Lifesciences failing to acquire JenaValve due to the FTC’s antitrust concerns.
“Medtronic is a pioneer in TAVR innovation and evidence. Our investment in differentiated innovation like DurAVR THV technology — which has the potential to offer improved valve performance in a balloon-expandable platform — is core to our commitment to define and drive the future of TAVR, meeting the needs of more aortic stenosis patients and heart teams with a comprehensive portfolio, ” said Jorie Soskin, VP and GM of the Structural Heart business in Medtronic’s Cardiovascular portfolio, in a statement shared with MassDevice.
Paterson described the company’s technology and recounted his and the company’s story during a DeviceTalks Weekly podcast in February 2025:
This article originally ran after market close on Tuesday, Jan. 20, 2025. Updated Wednesday, Jan. 21, with more details from Anteris’ CEO and next-day stock price.
