Abbott Completes Acquisition of Tendyne Holdings
Abbott has announced that it has completed its acquisition of Tendyne Holdings, a private medical device company focused on developing minimally invasive mitral valve replacement therapies.
PRESS RELEASE
ABBOTT PARK, Ill.,
Sept. 2, 2015
/PRNewswire/ -- Abbott (NYSE: ABT) announced today that it has completed its acquisition of Tendyne Holdings, Inc., a private medical device company focused on developing minimally invasive mitral valve replacement therapies. Abbott acquired the equity of Tendyne that it did not already own for
$225 million
upfront, resulting in a total transaction value of
$250 million
, plus potential future payments tied to regulatory milestones.
"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," said
John M. Capek
, Ph.D., executive vice president, Ventures, Abbott. "Our goal is to provide effective, less invasive valve treatment technologies to treat people based on their specific anatomy and health situation."
Tendyne's Bioprosthetic Mitral Valve System is designed to be implanted in a beating heart, without the need for open heart surgery, which would be a new treatment option for mitral valve replacement. It is an investigational device and not currently available for sale. The U.S. Food and Drug Administration has given approval for a feasibility clinical trial to provide data about the device's safety and effectiveness. The trial has begun enrolling patients, and there are plans to begin enrollment next year in a clinical trial to support CE Mark in
Europe
.
