Medtronic has announced that it has signed a definitive agreement to acquire the company Twelve, which is focused on the development of a transcatheter mitral valve implantation (TMVI) device. A press release reports that the device under development is being designed to treat patients with mitral valve regurgitation in whom standard restorative surgery is not recommended. The majority of these patients are largely under-served with limited treatment options.
A press release reports that Medtronic has agreed to pay up to US$458 million for Twelve, including US$408 million at closing and US$50 million on achievement of CE marking. The cash- and debt-free transaction remains subject to customary closing conditions, and is expected to close in October 2015. It adds that Medtronic will manage the Twelve product line as part of the Coronary & Structural Heart division within the Cardiac and Vascular Group.
Sean Salmon, senior vice president and president, Coronary & Structural Heart, Medtronic, says: “We have followed the transcatheter mitral valve space closely and firmly believe that Twelve has the most novel technology along with a strong, proven team. The combined strengths of our organisations will significantly accelerate our ability to deliver an exciting and differentiated therapy to patients, physicians and healthcare systems around the world.” He adds that Medtronic are “keenly focused on improving patient outcomes and expanding access to care for those who need it most” and that the company believes “this acquisition will help deliver on this commitment by enabling Medtronic to bring forward a best-in-class transcatheter mitral valve replacement device with the potential to transform patient care.”