Medtronic Signs Agreement to Acquire Ardian <\/p>\n
MINNEAPOLIS and MOUNTAIN VIEW, CALIF. \u2013 Nov 22, 2010<\/b> \u2013 Medtronic, Inc. (NYSE: MDT) and privately-held Ardian, Inc. announced today that they have entered into a merger agreement whereby Medtronic will acquire Ardian. The agreement calls for Medtronic to make an up front cash payment of $800 million, plus commercial milestones equal to the annual revenue growth through the end of Medtronic\u2019s fiscal year 2015. Medtronic had previously invested in Ardian and currently holds an 11 percent ownership stake in the Company. <\/p>\n
Based in Mountain View, Calif., Ardian develops catheter-based therapies to treat hypertension and related conditions. <\/p>\n
\u201cHypertension (high blood pressure) is the leading attributable cause of death worldwide. It is a significant, escalating global healthcare problem affecting approximately 1.2 billion people and is associated with an increased risk of heart attack, stroke, heart failure, kidney disease and death,\u201d said Sean Salmon, Vice President and General Manager of the Coronary and Peripheral Business at Medtronic. \u201cWe view renal denervation for the treatment of uncontrolled hypertension as one of the most exciting growth markets in medical devices. Ardian\u2019s investigational catheter-based treatment for uncontrolled hypertension through renal nerve denervation complements Medtronic\u2019s expertise in catheter design and ablation technologies, and augments Medtronic\u2019s interventional therapies.\u201d <\/p>\n
Data from a clinical study of Ardian\u2019s flagship product, the Symplicity\u00ae Catheter System\u2122, were recently released at the American Heart Association 2010 Scientific Sessions in Chicago and published in The Lancet. It was reported that patients treated with the Ardian device experienced a 33 mmHg greater reduction in systolic blood pressure at six months (p<0.0001) than the control group. The Symplicity Catheter System has received CE mark and Australia TGA listing, but is not approved for sale in the U.S. <\/p>\n
\u201cArdian brings to Medtronic the Symplicity Catheter System and a growing body of evidence to support its clinical use for patients whose hypertension remains uncontrolled despite optimal medical management,\u201d said Andrew Cleeland, President and CEO of Ardian. \u201cOur integration into Medtronic creates a tremendous opportunity to leverage Medtronic\u2019s global scale and scope to advance the treatment of uncontrolled hypertension.\u201d <\/p>\n
The transaction is expected to close in Medtronic\u2019s third fiscal quarter of 2011, and is subject to customary closing conditions, including U.S. and foreign regulatory clearances. <\/p>\n
ABOUT ARDIAN<\/b>
Privately held Ardian, Inc., based in Mountain View, Calif., develops catheter-based therapies to treat hypertension and related conditions. Ardian is the eighth company created by The Foundry, a leading medical device incubator based in Menlo Park, Calif. Ardian\u2019s investors include Advanced Technology Ventures, Emergent Medical Partners, Medtronic, Morgenthaler Ventures, and Split Rock Partners. For more information, please visit www.ardian.com<\/a>. <\/p>\n