Medtronic (NYSE:MDT) has reportedly acquired gastrointestinal disorder diagnostic company Crospon in a deal that could be worth as much as $45 million (EU €38 million), according to a Times UK report.
The Galway, Ireland-based developer was founded in 2006 by current chief exec John O’Dea, and is looking to develop tools to more effectively examine and possibly treat gastrointestinal disorders, according to the report.
The company produces endoscopic diagnostics, including its recently FDA-cleared Endoflip system, which includes the company’s Flip topography module designed to allow for the assessment of patient motility disorders during endoscopy.
The system, cleared in May, includes imaging software that displays esophageal contractility patterns in real time on a touchscreen display and allows for the investigation of conditions including achalasia, GEJ outflow obstruction and other major or minor peristalsis disorders during endoscopy.
Fridley, Minn.-based Medtronic has not confirmed the exact value of the deal, but the Times UK reports that subject to a number of milestones, the total value could reach $45 million (EU €38 million).
CEO O’dea will stay with the company and its 22 employees after the acquisition, according to the report.
“The [Crospon] acquisition expands our portfolio for the management of gastrointestinal diseases. With Crospon, Medtronic will have solutions to esophageal diseases from diagnosis to therapy,” a Medtronic spokesperson said, according to the Times UK.