Deal summary reprinted from Strategic Transactions - January, 2010
Medtronic has agreed to acquire closely held European interventional cardio device developer Invatec and its affiliates Fogazzi (provides Invatec with polymer technology) and Krauth Cardiovascular (Invatec's German distributor) for $350mm. It will also provide earn-outs of up to $150mm if certain milestones are reached.
Fourteen-year-old Invatec reported $120mm in 2009 revenues and makes 35 product lines. About a week ago Invatec gained FDA clearance to sell its PTA balloon catheter, the REEF HP for peripheral high-pressure dilation procedures; it will market the device alongside other cardio products in the US, including stents, angioplasty balloons, guidewires, angioplasty catheter, and the Mo.Ma embolic protection device used with carotid artery stents. (Invatec's PTA balloon catheter has been sold in the US under an early 2009 alliance with Cardiovascular Systems.) Outside the US, Invatec markets those devices as well as four drug-eluting balloons for use in coronary arteries and lower-extremity vessels, and has created therapies for below-the-knee use and carotid artery disease. These devices complement Medtronic's cardiovascular business, which sells CABG devices, defibrillators, pacemakers, an insertable heart monitor, heart valve repair and replacement devices, aortic aneurysm stent grafts, and the Driver coronary stent system and Endeavor drug-eluting stent. The deal helps Medtronic expand into the peripheral vascular market; right now only about 1.5% of the company's cardiovascular unit sales come from non-coronary vascular devices. The global peripheral vascular disease market has $2bn in sales each year, with an annual growth of over 10%.
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