21 January 2010 Moving to expand its peripheral vascular disease (PVD) portfolio, Medtronic has signed a definitive agreement to acquire Invatec, a developer of medical technologies for the interventional treatment of cardiovascular disease, and two affiliated companies.
The two affiliated companies are Fogazzi, which provides polymer technology to Invatec, and Krauth Cardiovascular, which distributes Invatec products in Germany.
Under the agreement, the Minneapolis-based company Medtronic will make an initial payment of $350 million to Invatec and additional payments of up to $150 million for Invatec’s achievement of specific milestones.
Invatec’s stents, angioplasty balloons and accessory products complement therapies and products in Medtronic’s cardiovascular unit, adding to its peripheral franchise and pipeline, the company said. Roncadelle, Italy-based Invatec has brought four drug-eluting balloons to market, covering the coronaries and lower-extremity vessels.