Ireland-based medical technology firm Medtronic has acquired US medical device company Lazarus Effect, for approximately $100m.
Lazarus is focused on developing acute ischemic stroke products, which facilitate the capture and removal of clots.
The acquisition will give Medtronic access to the Lazarus Cover device, which received CE mark approval in November 2014. The cover is an adjunctive device used in stent retriever procedures.
Currently, the device is under the US regulatory approval process.
Medtronic Restorative Therapies Group neurovascular division president Brett Wall said: "With this acquisition, Medtronic reinforces its commitment to providing innovative solutions to clinicians and patients fighting stroke.
"Lazarus Effect's 'mesh cover' technology complements our ischemic stroke portfolio, and further enhances our Neurovascular business's ability to deliver next generation technologies."
Lazarus Cover is a differentiating technology that will compliment Medtronic's Solitaire stent retriever platform.
It is designed to address clinical needs with a novel nitinol mesh cover, which folds over a stent retriever device during clot retrieval and 'candy wraps' the stent with the clot inside.
Lazarus Effect co-founder, president and CEO Martin Dieck said: "Medtronic has been a significant supporter of the recent clinical work showing improved outcomes of ischemic stroke patients treated with endovascular therapy."
The American Heart Association / American Stroke Association (AHA/ASA) recently published new stroke treatment guidelines that recommend the use of stent retriever technology, such as Medtronic's Solitaire stent retriever device in conjunction with the existing standard of care, IV-tPA for eligible patients.
Image: Medtronic world headquarters in Fridley, Minnesota, US. Photo: courtesy of Bobak Ha'Eri.