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Abbott to acquire Tendyne

30 July 2015 16:12

Abbott has entered into an agreement to purchase Tendyne Holdings, a private medical device company focused on developing minimally invasive mitral valve replacement therapies.

Under the terms of the agreement, Abbott will acquire the equity of Tendyne that it does not already own for $225m upfront, resulting in a total transaction value of $250m, plus potential future payments tied to regulatory milestones.

Tendyne's Bioprosthetic Mitral Valve System is an investigational device and not currently available for sale. The US Food and Drug Administration has provided approval for a feasibility clinical trial to provide data about the device's safety and effectiveness. The trial has begun enrolling patients, and there are plans to begin enrolment next year in a clinical trial to support CE Mark in Europe. In a separate transaction, Abbott has provided capital and secured an option to purchase Cephea Valve Technologies. Cephea Valve Technologies, a private company, is developing a catheter-based mitral valve replacement therapy. Financial terms were not disclosed.

Story provided by StockMarketWire.com

Related Company: ABT

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