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CoreValve, Inc. to be Acquired by Medtronic, Inc. (MDT) for $700+ Million


2/23/2009 7:56:14 AM

IRVINE, Calif.--(BUSINESS WIRE)--CoreValve (www.corevalve.com) announced today that it has signed a definitive agreement to be acquired by Medtronic, Inc. (NYSE: MDT - News). CoreValve’s transcatheter, transfemoral aortic valve replacement product is a non-surgical alternative that offers the large number of high or prohibitive surgical-risk patients an opportunity to have their aortic valves replaced using a catheter inserted through an artery in the groin. The agreement calls for an initial payment of $700 million plus additional payments contingent upon the achievement of agreed milestones.

“We are thrilled to have secured a transaction with Medtronic, which will ensure that more patients have access to CoreValve’s revolutionary ReValving technology,” said Jacques Séguin, M.D., Ph.D., chairman and founder of CoreValve.

“We are proud the CoreValve ReValving system has achieved 2,600 implants at 125 centers in 25 countries around the world,” added Daniel Lemaitre, president and CEO of CoreValve. “The combined Medtronic and CoreValve team has great strength, depth and experience, and we look forward to further success.”

“This acquisition of CoreValve gives additional momentum to our strategies for growth and will improve the quality of care for more than 300,000 people worldwide with severe aortic stenosis,” said Bill Hawkins, chairman and CEO of Medtronic. “Our manufacturing and global distribution strengths will accelerate the use of this life-saving technology.”

About Medtronic

Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology—alleviating pain, restoring health and extending life for millions of people around the world.

About CoreValve

Privately held CoreValve was founded in 2001 and performed its first-in-man transcatheter valve procedure in 2004. Its ReValving System received CE Mark approval in 2007 and has since become a technology leader in percutaneous aortic valve replacement (PAVR). The ReValving System is comprised of a porcine pericardial tissue valve, mounted on a self-expanding frame and implanted via a low-profile (18F) delivery catheter. CoreValve is based in Irvine, Calif. Sofinnova Partners led the Series A financing and is CoreValve’s largest shareholder. Other institutional investors include HealthCap, Apax Partners SA and Maverick.

The CoreValve ReValving System is not currently available in the USA for clinical trials or for commercialization. Non-USA clinical evaluation is in progress. Not available for sale. ReValving and CoreValve are trademarks of CoreValve Inc.

Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic’s Annual report on Form 10-K for the year ended April 25, 2008. Actual results may differ materially from anticipated results.

Contact:

Ronald Trahan Associates Inc. Ronald Trahan, 508-359-4005, x108 APR

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