Advertisement
News
Advertisement

Medtronic completes Ardian buyout

Thu, 01/13/2011 - 6:45am
The Associated Press

Medtronic Inc., the world's largest medical device maker, said Thursday it completed the $800 million buyout of blood pressure treatment maker Ardian Inc.

The Minneapolis company announced the acquisition in November.

Privately held Ardian makes a catheter system designed to treat high blood pressure by deactivating nerves around the kidneys, a therapy called renal denervation. Ardian's Symplicity Catheter System was approved in Australia and Europe but is not yet cleared for sale in the U.S. Medtronic already owned 11 percent of the Mountain View, Calif., company before completing the buyout.

Ardian will also receive milestone payments that are equal to the revenue growth in Medtronic's renal denervation business through the end of Medtronic's fiscal year 2015. Medtronic's fiscal years end in April.

Medtronic said the acquisition will reduce fiscal 2011 fourth-quarter earnings per share by 2 cents and fiscal 2012 earnings per share by 5 cents to 6 cents.

Shares of Medtronic rose 35 cents to $37.06 in morning trading.

Advertisement

Share this Story

X
You may login with either your assigned username or your e-mail address.
The password field is case sensitive.
Loading