Medtronic announces acquisition of Invatec

Medtronic has announced the details of an agreement that will see it purchase Invatec and affiliated companies Krauth Cardiovascular and Fogazzi.

The deal, which could be worth approximately $500 million (318 million pounds) in total, will see Medtronic make an initial payment of $350 million, followed by additional payments of up to $150 million as various targets are met.

Invatec develops technology for use in interventional cardiovascular disease treatment, an area in which Medtronic is keen to expand its offering.

Its senior vice-president and cardiovascular president Scott Ward commented: “Medtronic’s acquisition of Invatec will accelerate the growth of our cardiovascular business, adding important new products for the coronary and peripheral vascular markets.”

Krauth Cardiovascular distributes Invatec products in Germany, while Fogazzi provides the business with polymer technology.

In other Medtronic news, the firm recently unveiled a new piece of equipment, the Sovereign Spinal System, which is designed to help treat patients with degenerative disc disease.