Medtronic has completed the acquisition of privately-held Ardian, a developer of catheter-based therapies to treat hypertension and related conditions, which leads to the development of renal denervation for the treatment of uncontrolled hypertension.
The acquisition augments Medtronic‘s existing interventional therapies and complements the company’s expertise in catheter design and ablation technologies.
Under the terms of the agreement executed on 22 November 2010, the purchase price is $800m in cash up front, plus additional cash payments equal to annual revenue growth through the end of Medtronic’s fiscal year 2015.
Medtronic, prior to completion of the acquisition, had previously invested in Ardian holding 11.3% ownership stake in the company.
Ardian said its Symplicity Catheter System addresses uncontrolled hypertension through renal denervation, or ablation of the nerves lining the renal arteries.
The catheter system has received the CE mark and Australia’s Therapeutic Goods Administration listing, but is not yet approved by the US Food and Drug Administration.