Abbott Vascular has announced that it has entered into an agreement to purchase Tendyne Holdings, which is a private medical device company focused on developing minimally invasive mitral valve replacement therapies. It has also provided capital and secured an option to purchase Cephea Valve Technologies—a private company that is developing a catheter-based mitral valve replacement therapy. Financial terms were not disclosed.
Under the terms of the agreement with Tendyne Holdings, Abbott will acquire the equity of Tendyne that it does not already own for $225 million upfront, resulting in a total transaction value of $250 million, plus potential future payments tied to regulatory milestones. Financial terms were not disclosed for the Cephea Valve Technologies agreement.
Tendyne’s Bioprosthetic Mitral Valve System is an investigational device and not currently available for sale. The FDA has provided approval for a feasibility clinical trial to provide data about the device’s safety and effectiveness. The trial has begun enrolling patients, and there are plans to begin enrolment next year in a clinical trial to support CE mark approval.
Both the Tendyne and Cephea valve replacement technologies are designed to be implanted in a beating heart, without the need for open heart surgery, similar to Abbott Vascular’s MitraClip device, thereby offering a new treatment option.
John M Capek, executive vice president, Ventures, Abbott, says: “Mitral valve disease is highly complex and requires multiple treatment options in order to tailor the therapy based on each person’s anatomy and health situation. The Tendyne acquisition and our agreement with Cephea broaden our foundation as one of the leaders in treatments for mitral valve disease, with the goal of bringing promising, less invasive valve treatment technologies to people who need them.”