Medtronic has signed a definitive agreement to acquire medical technology company Affera in a $925m deal.
Medtronic has been a strategic investor in Affera through its minority investment portfolio and currently owns a 3% interest in the firm.
Affera specialises in designing and manufacturing systems for cardiac mapping and navigation as well as catheter-based cardiac ablation technologies to treat cardiac arrhythmias such as atrial fibrillation (AF).
The deal is expected to expand Medtronic’s spectrum of advanced cardiac ablation products and accessories.
Medtronic Cardiovascular Portfolio cardiac ablation solutions (CAS) business president Rebecca Seidel said: “The electrophysiologists (EP) ablation market is an exciting and fast-moving segment of cardiology.
“Bringing Affera into our organisation, with our established footprint in the cardiac ablation space, will strengthen our ability to provide innovative therapies and enable Medtronic entry into additional EP technology segments, such as mapping and navigation, for the first time.”
Affera’s technologies suit includes the Affera Prism-1 cardiac mapping and navigation platform, which facilitates the rapid creation of detailed maps used by EP for arrhythmias diagnosis.
Affera also provides the Sphere-9 cardiac ablation catheter and investigational technologies, which are designed to deliver cardiac ablation therapy.
The complete suite of Affera’s solutions and technologies is expected to complement Medtronic’s existing portfolio of atrial and ventricular arrhythmia disease management.
Affera founder and CEO Doron Harlev said: “This is an exciting day for patients who suffer from the burden of AF and other arrhythmias. This acquisition directly aligns with our vision of delivering novel solutions to address the rapidly growing demands for cardiac arrhythmia treatment.
“We are excited to focus on the integration of our technology with Medtronic and are confident that together we can increase patient access to ablation therapies.”
The deal is subject to the satisfaction of certain closing conditions and is expected to conclude in the first half of Medtronic’s fiscal year 2023.
It follows the company’s agreement to acquire all outstanding shares of Intersect ENT, which was signed last August.