Medical devices maker Medtronic, Inc. (MDT) Monday said it has signed a deal to acquire European interventional product manufacturer Invatec and two affiliated companies: Fogazzi and Krauth Cardiovascular. As per the agreement, Medtronic will make an initial payment of $350 million to Invatec and an additional payment of up to $150 million for Invatec's achievement of specific milestones.
Fogazzi provides polymer technology to privately held Invatec, and Krauth Cardiovascular distributes Invatec products in Germany.
Minneapolis-based Medtronic stated that Invatec has brought four drug-eluting balloons to market, covering the coronaries and lower-extremity vessels, and develops and commercializes lesion-specific solutions, including therapies for below-the-knee and carotid artery disease.
Medtronic noted that Invatec's array of stents, angioplasty balloons and accessory products complement therapies and products in Medtronic's cardiovascular business, adding a peripheral franchise and pipeline, while enhancing its coronary product offering. Representing the world's largest sector of medical device market, Medtronic said, cardiovascular interventions generated $10 billion annually on a global basis.
Commenting on the acquisition, Medtronic's senior vice president and CardioVascular business president Scott Ward said, "Medtronic's acquisition of Invatec will accelerate the growth of our CardioVascular business, adding important new products for the coronary and peripheral vascular markets."
MDT is currently trading on the New York Stock Exchange at $43.43, up 0.30%. In the past 52-week period, the shares have been trading in a range of $24.06 to $46.66.
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