Medtronic agrees takeover of medical technology firm TYRX

Medtronic has announced the acquisition of implantable combination antibiotic drug and medical device manufacturer TYRX.

The company will pay an initial $160 million (97.51 million pounds) plus potential earn-out and performance-based milestone payments for New Jersey-based TYRX, thus supporting Medtronic's strategy of expanding its medical device product offering.

TYRX's portfolio includes the AIGISRx R fully resorbable antibacterial envelope, which is designed to reduce surgical site infections associated with cardiac implantable electronic devices, as well as the AIGISRx N antibacterial envelope, for use with spinal cord neurostimulators.

Devices such as these will help Medtronic to deliver a broader range of healthcare services and solutions to hospitals, physicians, patients and payers worldwide.

Robert White, president and chief executive officer of TYRX, said: "We look forward to joining Medtronic as part of a combined portfolio that can positively impact outcomes for patients by reducing implant-related infections and bring value to our customers."

The firm also announced the commencement of its Victory AF trial of patients with persistent or long-standing persistent atrial fibrillation this week.