Medtronic plc plans to snap up a company that is developing transcatheter mitral valve replacement devices for $458 million.
Ireland-based Medtronic is hoping the acquisition of privately held Twelve Inc. (Redwood, CA) will propel its growth in the transcatheter mitral space. Twelve “has the most novel technology along with a strong, proven team,” Medtronic said in a statement. It plans to pay $50 million when Twelve’s device obtains the CE Mark, and the rest at closing.
The deal comes on the heels of other large medical device companies buying transcatheter mitral valve replacement device technology. Abbott announced last month that it was spending $225 million to fully acquire Roseville, MN–based Tendyne Holdings and its minimally invasive mitral valve replacement technology. A few weeks before, Edwards Lifesciences said it was paying up to $400 million to acquire Irvine, CA–based CardiAQ Valve Technologies.
All of the acquisitions—worth more than $1 billion combined—suggest that competition is heating up when it comes to providing technology for minimally invasive mitral valve replacements, which seem to be a useful option for people too weak for standard surgery…