Global healthcare firm Abbott has acquired US-based clinical stage medical device company Tendyne for $250m.
The deal was first announced in July, and Abbott acquired the equity of Tendyne that it did not already own for $225m upfront, which brought the total transaction value to $250m.
Abbott also made potential future payments related to regulatory milestones.
Established in 2010, Tendyne is involved in the development of minimally invasive mitral valve replacement therapies for the treatment of mitral regurgitation, which afflicts hundreds of thousands of individuals worldwide every year and leads to heart failure if left untreated.
Abbott Ventures executive vice-president John Capek said: "The Tendyne acquisition broadens Abbott’s foundation as a leader in treatments for mitral valve disease, which is highly complex and requires multiple treatment options.
"Our goal is to provide effective, less invasive valve treatment technologies to treat people based on their specific anatomy and health situation."
Tendyne’s Bioprosthetic Mitral Valve system is designed to be implanted in a beating heart, without the requirement for open heart surgery, offering a new treatment option for mitral valve replacement.
The valve consists of a trileaflet porcine pericardial valve sewn onto a Nitinol frame that is tethered to the apex of the heart.
Tendyne received approval from US Food and Drug Administration to conduct a clinical trial to assess the safety and effectiveness of its Bioprosthetic Mitral Valve system, which is currently an investigational device and in unavailable for sale.
The company has started enrolling patients in the study, and is planning for another clinical trial in 2016 to receive CE Mark approval in Europe.