MEDICAL TECHNOLOGY
Untitled Page
Medtronic acquires Irvine-based CoreValve
Agreement calls for $700 million plus additional payments if milestones are met.
By Kristen SchottPublished: February 23, 2009 09:18 AM
Medtronic recently agreed to purchase Irvine-based CoreValve for $700 million. The Minneapolis-based medical technology company will also pay CoreValve additional funds if certain achievements are met. The acquisition is expected to further the development and use of CoreValve's ReValving System.
“This acquisition of CoreValve gives additional momentum to our
strategies for growth and will improve the quality of care for more
than 300,000 people worldwide with severe aortic stenosis,” says
Medtronic's CEO and Chairman Bill Hawkins. “Our manufacturing and
global distribution strengths will accelerate the use of this
life-saving technology.”
The ReValving System is a nonsurgical percutaneous aortic valve replacement. It is inserted into a patient through an artery in the groin, as opposed to an invasive, high-risk surgical procedure. The product has been implanted in 2,600 patients at 125 centers in 25 countries, according to CoreValve.
The company performed its first in-patient transcatheter valve procedure in 2004, and the ReValving System received CE Mark approval in Europe in 2007. The ReValving System is currently undergoing clinical trials outside of the U.S. It is not available in the U.S. for trials or commercialization.
Related headlines
23 Orange County ERs launch health data exchange
"OC METRO Minute," Feb. 18: Medtech Insight expects home health care product market to expand
"OC METRO Minute," Feb. 11: CHOC Children's participates in bone marrow study
OC Family: Pregnancy hormone predicts postpartum depression
|
||||
|
“This acquisition of CoreValve gives additional momentum to our strategies for growth and will improve the quality of care for more than 300,000 people worldwide with severe aortic stenosis,” says Medtronic's CEO and Chairman Bill Hawkins. “Our manufacturing and global distribution strengths will accelerate the use of this life-saving technology.” The ReValving System is a nonsurgical percutaneous aortic valve replacement. It is inserted into a patient through an artery in the groin, as opposed to an invasive, high-risk surgical procedure. The product has been implanted in 2,600 patients at 125 centers in 25 countries, according to CoreValve. The company performed its first in-patient transcatheter valve procedure in 2004, and the ReValving System received CE Mark approval in Europe in 2007. The ReValving System is currently undergoing clinical trials outside of the U.S. It is not available in the U.S. for trials or commercialization. Related headlines 23 Orange County ERs launch health data exchange "OC METRO Minute," Feb. 18: Medtech Insight expects home health care product market to expand "OC METRO Minute," Feb. 11: CHOC Children's participates in bone marrow study OC Family: Pregnancy hormone predicts postpartum depression |
||||
