Medtronic to Acquire Invatec and Affiliated Companies

Medtronic, Inc. signed a definitive agreement to acquire Invatec, a developer of innovative medical technologies for the interventional treatment of cardiovascular disease, and two affiliated companies: Fogazzi, which provides polymer technology to Invatec; and Krauth Cardiovascular, which distributes Invatec products in Germany. The agreement calls for Medtronic to make an initial payment of $350 million to Invatec and additional payments of up to $150 million for Invatec's achievement of specific milestones.

"Medtronic's acquisition of Invatec will accelerate the growth of our CardioVascular business, adding important new products for the coronary and peripheral vascular markets," said Scott Ward, senior vice president at Medtronic and president of the CardioVascular business.

"Invatec brings to Medtronic an established international business with a European center of technology development and manufacturing, as well as a strong history of delivering products and high-value solutions to the interventional market," said Andrea Venturelli, co-founder, chief executive and technical officer of Invatec.

Invatec co-founder Stefan Widensohler, vice president of global sales and marketing, said, "Our integration into Medtronic creates a tremendous opportunity to leverage Medtronic's global scale and scope across geographies and functions, from R&D to sales and marketing, to advance the interventional treatment of cardiovascular disease."