Abbott Acquires Tendyne Holdings for $250 Million
Abbot has acquired Tendyne Holdings, a medical device company focused on developing minimally invasive mitral valve replacement therapies, for $250 million.
Abbott acquired the equity of Tendyne that it did not already own for $225 million upfront, bringing the total transaction value to $250 million. The deal also includes potential future payments tied to regulatory milestones.
Tendyne’s Bioprosthetic Mitral Valve System is designed to be implanted in a beating heart. It would be a new treatment option for mitral valve replacement, and would not require open heart surgery. The FDA has given approval for a feasibility clinical trial to provide data about the device’s safety and effectiveness.
The acquisition broadens Abbott’s portfolio of treatments for mitral valve disease, says spokesman John M. Capek. — Michael Cipriano