Medtronic buys CoreValve for $700mm
Deal summary reprinted from Strategic Transactions - February 2009
Concurrent with its announcement to buy Ventor Technologies for $325mm, Medtronic has also agreed to pay $700mm plus earn-outs for closely-held cardiovascular device company CoreValve.
Medtronic buys CoreValve for $700mm
Deal summary reprinted from Strategic Transactions - February 2009
CoreValve, which was formed in 2001, has raised about $62.4mm through its Series A, B, and C rounds; its shareholders include Sofinnova (the sole investor of the company's $5.4mm Series A round in 2003, and now its largest backer), HealthCap, Apax Partners, and Maverick. The company created the ReValving nonsurgical aortic valve replacement device that is implanted in severe aortic stenosis patients using a catheter that is inserted in the groin. The ReValving system consists of a porcine pericardial tissue valve on a self-expanding frame; it gained the CE mark in 2007, but has yet to be approved in the US.
Other deals this week
Acquisition
Medtronic buys Ventor Technologies for $325mm · February 2009
Alliance
Invatec to globally distribute Lumen Biomedical's FiberNet · January 2009
LeMaitre to distribute, possibly buy Neovasc's vascular strip · January 2009
Financing
EnteroMedics grosses $15.1mm via private financing · February 2009
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