Abbott agrees to acquire medical device company Tendyne for $250m

30 July 2015 (Last Updated July 30th, 2015 18:30)

Global healthcare firm Abbott has signed an agreement to buy medical device company Tendyne for $250m.

Global healthcare firm Abbott has signed an agreement to buy medical device company Tendyne for $250m.

The deal also includes potential future payments based on achieving certain regulatory milestones.

Tendyne is involved in the development of minimally invasive mitral valve replacement therapies, and 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.

"Mitral valve disease is highly complex and requires multiple treatment options in order to tailor the therapy based on each person's anatomy and health situation."

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.

In a separate deal, Abbott provided capital and received an option to acquire Cephea Valve Technologies, which develops catheter-based mitral valve replacement therapy, for an undisclosed sum.

Tendyne and Cephea valve replacement technologies are designed to be implanted in a beating heart, without the requirement for open heart surgery, similar to MitraClip, and offers a new treatment option.

MitraClip is a first-of-its-kind mitral valve repair device currently offered by Abbott for the treatment of certain types of mitral valve disease, which is the most prevalent heart valve disease.

Abbott Ventures executive vice-president John Capek said: "Mitral valve disease is highly complex and requires multiple treatment options in order to tailor the therapy based on each person's anatomy and health situation.

"The Tendyne acquisition and our agreement with Cephea broaden our foundation as one of the leaders in treatments for mitral valve disease, with the goal of bringing promising, less invasive valve treatment technologies to people who need them."

MitraClip is delivered to the heart through a catheter through the femoral vein, a blood vessel in the thigh, and is available in the US, Canada, Europe and countries in Asia and Latin America.

Subject to customary closing conditions, including anti-trust clearance, the Tendyne acquisition is expected to close in the third quarter of this year.