Medtronic to purchase medical device company Twelve

Medtronic has announced the acquisition of Twelve, a California-based medical technology company.

The 12th company spun out from The Foundry, a leading medical device incubator, Twelve is focused on the development of a novel and promising transcatheter mitral valve replacement (TMVR) device.

Medtronic will pay up to $458 million (296.02 million pounds) for Twelve, with the deal expected to close in October 2015. The Twelve product line will be incorporated into Medtronic's coronary and structural heart division within its cardiac and vascular group.

The TMVR device is being designed to treat patients with mitral valve regurgitation in whom standard restorative surgery is not recommended. The majority of these patients are largely underserved with limited treatment options.

Sean Salmon, senior vice-president and president for Medtronic's coronary and structural heart business, said: "Upon close, this acquisition will strategically augment our existing capabilities in the transcatheter mitral space, which represents an important growth opportunity for Medtronic."

This comes after the company announced the acquisitions of Aptus Endosystems and CardioInsight Technologies earlier this summer.