Xconomy San Diego

Medtronic, Inc. Acquires CoreValve for $700,000,000

Feed Type
Link
http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=9838b672-62c7-47c2-9a1d-4d4e38d4929d&Preview=1
Date
2/25/2009
Company Name
CoreValve
Mailing Address
1 Jenner Irvine, CA 92618
Company Description
CoreValve – which is headquartered in Paris and has R&D facilities in Irvine, California, has developed a proprietary delivery system for percutaneous heart valve replacement, based on a novel catheter-and-self-expanding-frame approach on a beating heart, thus avoiding open-heart surgery.
Website
http://www.corevalve.com
Transaction Type
M&A
Transaction Amount
$700,000,000
Transaction Round
Proceeds Purposes
M&A Terms
The agreement calls for an initial payment of $700 million plus additional payments contingent upon the achievement of agreed milestones.