Medtronic Inc. (MDT) agreed to acquire Invatec and two affiliated companies for an initial payment of $350 million, enhancing the medical-device maker's coronary product offering and expanding its presence and pipeline in treating peripheral vascular disease.
Invatec could get additional milestone payments of as much at $150 million. The European-based developer of stents, angioplasty balloons and accessory products has brought four drug-eluting stents to market and specializes in lesion-specific solutions, including below-the-knee and carotid-artery disease therapies. The affiliates include a polymer technology provider and company that distributes Invatec products in Germany.
Medtronic's biggest business is implantable cardioverter defibrillators. The stent business' leaders include Boston Scientific Corp. (BSX), Johnson & Johnson (JNJ) and Abbott Laboratories (ABT). Medtronic's shares were up two cents at $43.32 in premarket trading. The stock is up by roughly a third in the past year.
