Updated May 20, 2014, at 2:45 p.m. with comment from Medtronic.
The companies have yet to announce any agreement, but the report claims news of the acquisition will be made in the coming weeks.
"While Medtronic is always investigating ways to strengthen the company that align with our business and financial goals, it is our policy to not comment on speculation about mergers and acquisitions," a Medtronic spokeswoman told MassDevice.com today.
Representatives for Corventis did not immediately respond to requests for comment.
California-based Corventis develops peel-and-stick sensors that can monitor a range of biological parameters, including heart and respiratory rates, posture, activity and more. The devices can be worn for up to 30 days, are water-resistant and provide continuous monitoring and automatic arrhythmia detection, according to the company’s website.
Corventis’ flagship PiiX sensor has been on the market since 2009 and the company in 2010 landed FDA clearance for its Nuvant line of wearable telemetry systems, which also won coverage under Medicare.
Corventis and Medtronic have a bit of a history in the court. The companies last year fought over trademark rights over Corventis Nuvant and Medtronic’s Novent devices, MobiHealthNews reported.
The news comes on a big day for Medtronic, which announced this morning that it settled a long-running patent infringement battle with arch-rival Edwards Lifesciences (NYSE:EW). The companies announced this morning that they put to rest their international patent infringement war in a deal that will see Medtronic pay royalties through April 2022 of at least $40 million annually, in addition to a $750 million one-time payment.
Medtronic also announced today that it won European regulatory approval for its NC Euphora coronary balloon dilation catheter, planning an immediate launch for the device in countries that recognize the CE Mark.