Medtronic has signed a definitive agreement to acquire medical technology company Affera in a $925 million deal.
Medtronic has been a strategic investor in Affera through its minority investment portfolio and currently owns a 3% stake in the company.
Affera specializes in the design and manufacture of cardiac mapping and navigation systems as well as cardiac catheter ablation technologies to treat cardiac arrhythmias such as atrial fibrillation (AF).
The agreement is expected to expand Medtronic’s line of advanced cardiac ablation products and accessories.
Rebecca Seidel, Commercial President of Cardiac Ablation Solutions (CAS) for Medtronic Cardiovascular Portfolio, said, “The electrophysiologist (EP) ablation market is an exciting and rapidly evolving segment of cardiology.
“Bringing Affera into our organization, along with our established footprint in cardiac ablation, will strengthen our ability to deliver innovative therapies and allow Medtronic to enter other EP technology segments for the first time. , such as cartography and navigation.”
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Affera’s combination of technologies includes the Affera Prism-1 cardiac mapping and navigation platform, which facilitates the rapid creation of detailed maps used by EP for the diagnosis of arrhythmias.
Affera also provides the Sphere-9 Cardiac Ablation Catheter and experimental technologies, designed to provide cardiac ablation therapy.
Affera’s comprehensive suite of solutions and technologies is expected to complement Medtronic’s existing atrial and ventricular arrhythmia management portfolio.
Affera Founder and CEO Doron Harlev said, “Today is an exciting day for patients suffering from the burden of AF and other arrhythmias. This acquisition aligns directly with our vision to provide new solutions to meet the growing demands for the treatment of cardiac arrhythmia.
“We are excited to focus on integrating our technology with Medtronic and are confident that together we can increase patient access to ablation therapies.”
The agreement is subject to the satisfaction of certain closing conditions and is expected to close in the first half of Medtronic’s 2023 fiscal year.
It follows the company’s agreement to acquire all outstanding shares of Intersect ENT, which was signed last August.