Medtronic Acquires Medina Medical
August 31, 2015 | MedtronicEstimated reading time: 2 minutes
Medtronic plc today announced it has acquired Medina Medical, a Menlo Park, Calif.-based and privately-held medical device company focused on commercializing state-of-the-art treatments for vascular abnormalities of the brain including cerebral aneurysms. This acquisition is another example of the company's commitment to its key growth strategy of therapy innovation.
"Medtronic is committed to fighting stroke through the innovative therapies we bring to clinicians and patients. Medina Medical's breakthrough technology makes it a natural fit with our Neurovascular portfolio, further strengthening our hemorrhagic stroke portfolio," said Brett Wall, president of the Neurovascular division, which is part of the Restorative Therapies Group at Medtronic. "The Medina(TM) embolization device features advanced technology to treat cerebral aneurysms that we think can one day disrupt the coil market."
The Medina Embolization Device(TM) is an intrasaccular 3D mesh implant that fills the inside of a brain aneurysm. This technology is designed to address clinical needs by featuring an implant with 3D self-expandable mesh that provides a scaffold across the aneurysm neck; conforms to the shape of the aneurysm; and reduces blood flow.
"This acquisition offers Medina Medical a unique opportunity to bring together our breakthrough technologies with Medtronic's leading clinical, regulatory, market development, and commercial expertise," said Erik Engelson, CEO of Medina Medical. "We look forward to working closely with Medtronic to provide expanded access and economic efficiencies to our clinical partners in fighting stroke - particularly aneurysms and hemorrhagic stroke."
A cerebral aneurysm is a weak or thin spot on a blood vessel in the brain that balloons out and fills with blood. The aneurysm can put pressure on nerves or brain tissue, or may leak or rupture (hemorrhage). This technology complements Medtronic's best-in-class neurovascular portfolio. Nearly 6 million people in the U.S. have an aneurysm (most are unruptured and undiagnosed). More than 35,000 patients are treated endovascularly per year (both ruptured and unruptured) and 21,000 are treated surgically per year (both ruptured and unruptured).
The Medina Embolization Device has CE Mark authorization for commercial distribution in the European Union. It is not available for commercial distribution in the U.S.
The all-cash transaction included an initial payment of $150 million plus additional payments upon achievement of key milestones. Medtronic had previously invested in Medina Medical and held an ownership stake in the company prior to completion of the acquisition, which will result in a pre-tax gain in the second quarter of fiscal year 2016. Additional terms of the acquisition were not disclosed. The transaction is expected to meet Medtronic's long-term financial metrics for acquisitions. Medtronic expects the net impact from this transaction to be earnings neutral in fiscal year 2016 as the company intends to offset any dilutive impact of the transaction. Medtronic will report the Medina Medical product line as part of its Neurovascular division within the Restorative Therapies Group.
About Medtronic
Medtronic plc, headquartered in Dublin, Ireland, is the global leader in medical technology -- alleviating pain, restoring health and extending life for millions of people around the world.
Suggested Items
IDTechEx Report on Quantum Technology: Nano-scale Physics for Massive Market Impact
04/30/2024 | PRNewswireThe quantum technology market leverages nano-scale physics to create revolutionary new devices for computing, sensing, and communications. Across the industry, quantum technology offers a paradigm shift in performance compared with incumbent solutions.
TSMC Certifies Ansys Multiphysics Platforms, Enabling Next-Gen AI and HPC Chips
04/30/2024 | PRNewswireAnsys announced the certification of its power integrity platforms for TSMC's N2 technology full production release. Both Ansys RedHawk-SC and Ansys Totem are certified for power integrity signoff on the N2 process, delivering significant speed and power advantages for high performance computing, mobile chips, and 3D-IC designs.
Koh Young Extends Invitation to the 2024 IEEE Electronic Components and Technology Conference
04/30/2024 | Koh YoungKoh Young, the industry leader in True3D measurement-based inspection solutions, invites you to join us at the at the 2024 IEEE Electronic Components and Technology Conference from May 28-31, 2024, in Denver, Colorado at the Gaylord Rockies Resort & Convention Center.
Samsung Electronics Begins Industry’s First Mass Production of 9th-Gen V-NAND
04/29/2024 | Samsung ElectronicsSamsung Electronics, the world leader in advanced memory technology, today announced that it has begun mass production for its one-terabit (Tb) triple-level cell (TLC) 9th-generation vertical NAND (V-NAND), solidifying its leadership in the NAND flash market.
TSMC Celebrates 30th North America Technology Symposium
04/29/2024 | TSMCTSMC unveiled its newest semiconductor process, advanced packaging, and 3D IC technologies for powering the next generation of AI innovations with silicon leadership at the Company’s 2024 North America Technology Symposium.