WASHINGTON (dpa-AFX) - Medtronic Plc. (MDT), the Ireland-based healthcare technology group, announced on Tuesday that it will make a strategic investment in Israel's Pi-Cardia Ltd. to strengthen its structural heart portfolio and accelerate innovation for complex transcatheter aortic valve replacement procedures.
Pi-Cardia's ShortCut device, the first FDA-cleared leaflet modification technology, is designed to enable valve-in-valve TAVR in patients at risk of coronary obstruction. Clinical studies reviewed by the FDA showed successful leaflet splitting in all pivotal trial patients with a favorable safety profile.
Medtronic will invest up to $80 million in Pi-Cardia and is expected to become the exclusive global distributor of the ShortCut device in 2027. The agreement also includes an option for Medtronic to acquire Pi-Cardia upon achievement of pre-defined milestones for an estimated upfront price of up to $210 million, subject to adjustments, plus additional earn-out payments.
In pre-market activity on the NYSE, shares of Medtronic were up 6.97 percent, changing hands at $97.00, after closing Monday's regular session 0.64 percent lower.
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