Medtronic acquired Medina Medical, a medical device company developing a device to treat cerebral aneurysms. Medtronic had previously invested and held an ownership stake in Medina Medical, which is based in Menlo Park, Calif.
Medtronic said in a news release that it would pay $150 million in cash for Medina and make additional payments if Medina meets certain milestones, which were not detailed.
Medina’s embolization device is an intrasaccular 3D mesh implant that fills the inside of a brain aneurysm. It is not FDA-approved, but it is available in Europe.
Medina will be part of Medtronic’s neurovascular division within its restorative therapies group. Medtronic said the deal strengthens its stroke portfolio.
In the U.S., approximately six million people have an aneurysm, although most are undiagnosed. Each year, more than 35,000 patients are treated endovascularly and 21,000 are treated surgically, according to Medtronic.
The deal is the latest in a series of acquisitions for Medtronic. This summer, Medtronic has acquired a few small companies, including CardioInsight, Aptus Endosystems, RF Surgical Systems and Twelve.