Abbott Vascular Transactions Expand Its Structural Heart Business

July 30, 2015—Abbott Vascular announced that it has entered into an agreement to purchase Tendyne Holdings, Inc., a private medical device company focused on developing minimally invasive mitral valve replacement therapies. In a separate transaction, Abbott has provided capital and secured an option to purchase Cephea Valve Technologies. Cephea Valve Technologies, a private company, is developing a catheter-based mitral valve replacement therapy. Financial terms were not disclosed.    

Under the terms of the Tendyne agreement, Abbott will acquire the equity of Tendyne that it does not already own for $225 million upfront, resulting in a total transaction value of $250 million, plus potential future payments tied to regulatory milestones. Completion of the Tendyne acquisition is subject to customary closing conditions, including antitrust clearance. It is expected to close in the third quarter of 2015.

Abbott advised that Tendyne's bioprosthetic mitral valve system is an investigational device and not currently available for sale. The US Food and Drug Administration has provided approval for a feasibility clinical trial to provide data about the device's safety and effectiveness. The trial has begun enrolling patients, and there are plans to begin enrollment next year in a clinical trial to support CE Mark approval in Europe.