Abbott says it has completed its acquisition of transcatheter mitral valve developer, Tendyne Holdings, Inc.
We covered Tendyne’s Bioprosthetic Mitral Valve System on our pages back in April when a first patient was reported in the feasibility clinical trial to provide data about the device’s safety and effectiveness. The device is designed to be implanted in a beating heart, without the need for open heart surgery and remains an investigational device and not currently available for sale. The company says there are plans to begin enrollment next year in a clinical trial to support CE Mark in Europe.
Abbott has now acquired the equity of Tendyne that it did not already own for $225 million upfront, resulting in a total transaction value of $250 million, plus potential future payments tied to regulatory milestones.
“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,” said John M. Capek, Ph.D., executive vice president, Ventures, Abbott. “Our goal is to provide effective, less invasive valve treatment technologies to treat people based on their specific anatomy and health situation.”
Source: PR Newswire