Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Medtronic benefits from acquisition, approval news

Send a link to a friend

[January 26, 2010]  WASHINGTON (AP) -- Shares of Medtronic closed higher Monday after the medical device maker announced the acquisition of a European rival and the U.S. approval of a new heart valve.

Minneapolis-based Medtronic is the world's largest medical device manufacturer.

Earlier in the day, Medtronic announced it would pay up to $500 million to acquire Invatec, a company that makes stents and balloons used to treat cardiovascular disease. The purchase is expected to help Medtronic expand its interventional cardiology business in the U.S. and Europe, where Invatec is based.

Medtronic agreed to pay $350 million initially, plus $150 million in payouts if Invatec receives approval for certain experimental devices, including drug-coated balloons used to prop open arteries during surgery.

In a separate announcement, Medtronic announced the U.S. approval of a first-of-a-kind heart valve that can be implanted without open heart surgery.

The Food and Drug Administration cleared the company's Melody Pulmonary Valve for adults and children with a heart defect that disrupts blood flow between the heart's right chambers and lungs.

Patients with the condition currently receive replacement valves that can break down over time, requiring multiple heart surgeries to replace them. Medtronic's device is implanted using a small catheter that is inserted through an incision in the leg, postponing the need for surgery.

Company shares rose 93 cents, or 2 percent, to close at $44.23 Monday.

[Associated Press]

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


< Recent articles

Back to top


News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries

Community | Perspectives | Law & Courts | Leisure Time | Spiritual Life | Health & Fitness | Teen Scene
Calendar | Letters to the Editor