Abbott closes $250m Tendyne buy

Abbott (NYSE:ABT) said today that it closed the $250 million acquisition of replacement mitral valve maker Tendyne Holdings.

Abbott said in July that it put another $225 million on top of the stake it already owned in Roseville, Minn.-based Tendyne, which raised a $25 million Series C round in April 2014.

The total value of the Tendyne deal is $250 million, including a $225 million up-front payment, plus future regulatory milestones, the Abbott Park, Ill.-based company said.

Tendyne launched a U.S. clinical trial of its bioprosthetic mitral valve replacement last April and plans to begin enrollment in a European study next year to support CE Mark approval.

When it announced the Tendyne buy, Abbott also said it acquired a stake with an option to buy in Santa Cruz, Calif.-based Cephea for an undisclosed amount.

The Tendyne and Cephea investments augment Abbott’s existing mitral valve treatment, the MitraClip, which won pre-market approval from the FDA in October 2013.

CEO Miles White has said that Abbott has powder to burn and is ready to use it on mergers & acquisitions.

The post Abbott closes $250m Tendyne buy appeared first on MassDevice.

from MassDevice http://ift.tt/1JMovIS