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Abbott acquires medical device firm Tendyne for $250m

Healthcare firm Abbott has completed the acquisition of medical device firm Tendyne Holdings for around $250m, which focuses on the development of minimally invasive mitral valve replacement therapies.

The deal, which was first announced in July this year, also includes potential future payments based on achieving certain regulatory milestones.

Abbott ventures executive vice president Dr John Capek said: "The Tendyne acquisition broadens Abbott’s foundation as a leader in treatments for mitral valve disease, which is highly complex and requires multiple treatment options.

"Our goal is to provide effective, less invasive valve treatment technologies to treat people based on their specific anatomy and health situation."

Tendyne obtained approval from the US Food and Drug Administration (FDA) to carry out a feasibility clinical trial to assess safety and effectiveness of its Bioprosthetic Mitral Valve System.

The firm has designed the device to be implanted in a beating heart, avoiding the need for open heart surgery.

It started enrolling patients in the study and is planning to begin enrollment next year in a clinical trial that will support CE mark approval in Europe.