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Medtronic, Inc. (MDT) Completes Acquisition of CoreValve, Inc.


4/10/2009 7:04:28 AM

MINNEAPOLIS--(BUSINESS WIRE)--In a move to further expand a comprehensive cardiovascular portfolio, Medtronic, Inc. (NYSE: MDT - News) announced today the completion of its acquisition of CoreValve Inc. CoreValve develops percutaneous, catheter-based transfemoral aortic valve replacement products. Medtronic also recently acquired Ventor Technologies, Ltd., a developer of percutaneous, catheter-based transapical aortic valve replacement products.

“These acquisitions position us as a leader in one of the most exciting new markets in medical devices. We expect a significant number of people with aortic stenosis to benefit from these break-through technologies,” said Bill Hawkins, chairman and CEO of Medtronic. “We have the scale and expertise to accelerate the use of these life-saving technologies.”

Medtronic offers an unmatched portfolio of medical devices for the treatment of cardiovascular diseases including coronary and peripheral artery disease, aortic disease, atrial fibrillation and heart valve disease. Drawing on its experience, Medtronic will continue to work toward providing patients with access to these innovative, percutaneous heart valves.

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.

*The CoreValve ReValving® System is not currently available in the United States for clinical trials or for sale.

This press release contains forward-looking statements regarding our operating momentum, new products and other developments, which are subject to risks and uncertainties, such as competitive factors, the risk that CoreValve may not be integrated successfully and that the cost savings and other synergies from the acquisition may not be fully realized, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, general economic conditions and other risk and uncertainties 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. Medtronic does not undertake to update its forward-looking statements.

Contact:

Medtronic, Inc. Daniel Beach, 763-505-2603 Public Relations or Jeff Warren, 763-505-2696 Investor Relations

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