Medtronic buys CoreValue, Ventor Technologies for $1.03 billion

24 February 2009

Minneapolis-based Medtronic Inc, a global leader in medical devices technology, yesterday announced its acquisition of Ventor Technologies Ltd, a privately-held Israeli company for a payment of $325 million.

Ventor Technologies is a developer of transcatheter heart valves that offer a non-surgical alternative for patients who need their valve replaced but may not be good surgical candidates.

It is developing a unique aortic valve prosthesis that can be implanted "off pump", on a beating heart. Ventor's unique valve design allows for easy implantation, enhanced prosthesis anchoring and superior haemodynamic performance.

The transcatheter, and transfemoral aortic valve replacement products offer 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.

The acquisition announcement came just after Medtronic's $700-million takeover agreement with CoreValve Inc., which also makes a transcatheter product. Privately-held CoreValve, founded in 2001, is based in Irvine, California.

With these acquisitions Medtronic Medtronic will now own, rather than license, exclusive worldwide technology in high-growth aortic transcatheter valves segment, a segment in which it is looking for aleadership role.