Medical technology firm Medtronic has acquired US-based medical device firm Medina Medical for around $150m.
The deal also includes additional payments based on achievement of key milestones. Earlier, Medtronic invested in Medina Medical and owned interest in the company, allowing it to have a pre-tax gain in the second quarter of this fiscal year.
Based in California, Medina Medical is involved in commercializing modern treatments for vascular abnormalities of the brain, including cerebral aneurysms.
Medtronic’s Restorative Therapies Group neurovascular division president Brett Wall said: "Medina Medical’s breakthrough technology makes it a natural fit with our Neurovascular portfolio, further strengthening our hemorrhagic stroke portfolio."
The Medina embolization device is an intrasaccular 3D mesh implant that has been developed to fill the inside of a brain aneurysm.
The company has designed the new technology to have an implant with 3D self-expandable mesh, which provides a scaffold across the aneurysm neck, adjusts to the shape of the aneurysm and reduces blood flow.
In the European Union, the company received CE mark approval for the device, while it is not approved in the US.
Medina Medical CEO Erik Engelson said: "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.
In August, Medtronic had agreed to acquire another US-based medical device firm Twelve for around $458m.
Image: Medtronic operational headquarters, Minneapolis. Photo: courtesy of Medtronic, Inc.