Medtronic Buys Developer of Devices to Treat Aneurysms
August 31 2015 - 7:06PM
Dow Jones News
By Josh Beckerman
Medtronic PLC (MDT) has purchased Medina Medical, which develops
medical devices focused on vascular abnormalities of the brain
including cerebral aneurysms.
Medtronic said Medina Medical's technology is "a natural fit
with our Neurovascular portfolio, further strengthening our
hemorrhagic stroke portfolio."
Medtronic paid $150 million and will make additional payments
based on certain milestones. Medtronic said it previously invested
in Medina and had an ownership stake in the Menlo Park, Calif.,
company.
Medina's Embolization Device is a mesh implant that fills the
inside of a brain aneurysm. The product has CE Mark authorization
for commercial distribution in the European Union. It isn't
commercially available in the U.S.
Last week, Medtronic said it would buy Twelve Inc. for $458
million, an example of how the company is taking advantage of the
tax benefits it gained after reincorporating overseas earlier this
year. Medtronic moved its headquarters from Minneapolis after
acquiring Dublin-based Covidien PLC for $43 billion. That move
allowed the company to spend more of its overseas cash in the U.S.
without having to pay U.S. tax on it.
Twelve is developing a device aimed at repairing faulty mitral
valves in the heart.
Write to Josh Beckerman at josh.beckerman@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 31, 2015 18:51 ET (22:51 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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