Medtronic agreed to acquire Twelve, a private medical device company that is developing a transcatheter mitral valve replacement (TMVR) device. The $458 million transaction is expected to close in October, according to a Medtronic news release.
Twelve, which is based in Redwood City, Calif., was founded in 2009. It is the 12th company spun out from The Foundry, a medical device incubator that provides financial backing, market analysis and business development for entrepreneurs and start-up companies.
Twelve is developing a TMVR to treat patients with mitral valve regurgitation who are not recommended to receive standard restorative surgery. The device, which is not available in any country, will be part of Medtronic’s Coronary & Structural Heart division within the Cardiac and Vascular Group.
“We have followed the transcatheter mitral valve space closely and firmly believe that Twelve has the most novel technology along with a strong, proven team,” Sean Salmon, Medtronic’s senior vice president and president of the Coronary & Structural Heart division, said in a statement. “The combined strengths of our organizations will significantly accelerate our ability to deliver an exciting and differentiated therapy to patients, physicians and healthcare systems around the world.”