MEDTRONIC ACQUIRES VISION-SCIENCES SHEATH BUSINESS

Vision-Sciences has announced that Medtronic is acquiring its ENT sterile disposable sheath business.

The sheaths allow ear, nose and throat (ENT) physicians to perform diagnostic and therapeutic procedures without the need for specialized endoscopes.

Medtronic will pay Vision-Sciences up to $34 million, $27 million of which will be payable at closing, Vision-Sciences said Jan. 16. "Up to an additional $4 million will be paid upon the achievement of certain post-closing milestones related to the transition of manufacturing capability to Medtronic, and an additional $3 million will be payable approximately 15 months after closing, assuming Vision-Sciences has complied with its obligations under the agreement," the firm added.

Vision-Sciences will also grant Medtronic an exclusive, worldwide license to its EndoSheath intellectual property.