Abbott Buys Tendyne for $250 Million
Illinois-based Abbott Laboratories announced its purchase of Tendyne Holdings Inc., a medical device company focused on developing minimally invasive mitral valve replacement therapies, for $250 million plus potential future payments tied to regulatory milestones. The sale is expected to close in the third quarter of 2015.
The FDA has approved a clinical trial to assess Tendyne’s Bioprosthetic Mitral Valve System. The Roseville, Minn., company is enrolling patients and plans a similar clinical trial next year in an effort to secure CE Mark approval.
The device adds to Abbott’s portfolio which includes MitraClip, a mitral valve repair device available in the U.S., Canada, Europe, Asia and Latin America that has been used to treat more than 25,000 people around the world.
In a separate transaction, Abbott secured an option to purchase Cephea Valve Technologies, a Santa Cruz, Calif., company developing a catheter-based mitral valve replacement therapy. — John Bechtel