Medtronic to acquire CoreValve

Medtronic, a medical technology company, has signed a definitive agreement to acquire CoreValve, a developer of a transcatheter, transfemoral aortic valve replacement product.

This non-surgical alternative offers the large number of high or prohibitive surgical risk patients an opportunity to have their aortic valves replaced using a catheter inserted through an artery in the groin, said Medtronic.

The agreement calls for an initial payment of $700 million plus additional payments contingent upon the achievement of agreed milestones.

Bill Hawkins, chairman and CEO of Medtronic, said: The acquisition of CoreValve gives additional momentum to our strategies for growth and will improve the quality of care for more than 300,000 people worldwide with severe aortic stenosis. Our manufacturing and global distribution strengths will accelerate the use of this life-saving technology.

CoreValve is headquartered in Irvine, Calif. Its proprietary ReValving System allows percutaneous aortic valve replacement and is intended to provide an alternative to open-heart surgery.

Medtronic is a medical technology company, which focuses on alleviating pain, restoring health. Medtronic’s six major businesses focus their efforts around a condition or therapy type: Cardiac Rhythm Disease Management, Spinal and Biologics, CardioVascular, Neuromodulation, Diabetes, and Surgical Technologies.