Under the deal, Abbott will also pay potential future payments based on achieving certain regulatory milestones.

Tendyne had received approval from the US Food and Drug Administration (FDA) to conduct clinical trial to assess the safety and effectiveness of its investigational device Bioprosthetic Mitral Valve System.

The company has started enrolling patients in the FDA approved study, as well as planning for another clinical trial in the next year to receive CE mark approval in Europe.

Abbott ventures executive vice president Dr John Capek said: "Mitral valve disease is highly complex and requires multiple treatment.

"The Tendyne acquisition and our agreement with Cephea broaden our foundation as one of the leaders in treatments for mitral valve disease, with the goal of bringing promising, less invasive valve treatment."

In a separate deal, Abbott has provided capital and received an option to acquire Cephea Valve Technologies, which is involved in developing catheter-based mitral valve replacement therapy.

Financial terms of this deal have not been disclosed.

The Tendyne and Cephea valve replacement technologies are being developed for implantation in a beating heart, avoiding the need for heart surgery.

These technologies are similar to the Abbott’s MitraClip that was developed to treat certain types of mitral valve disease.

Subject to customary closing conditions, Tendyne deal is expected to complete in the third quarter of this year.

Image: Abbot to buy Tendyne that is involved in developing minimally invasive mitral valve replacement therapies. Photo: courtesy of adamr/ FreeDigitalPhotos.net.