In support of the company's therapy innovation strategy, Medtronic has announced that it has signed a definitive agreement to acquire Twelve, a privately-held medical device company based in Redwood City, Calif., focused on the development of a transcatheter mitral valve replacement (TMVR) device.

"Upon close, this acquisition will strategically augment our existing capabilities in the transcatheter mitral space, which represents an important growth opportunity for Medtronic," said Mr Sean Salmon, senior vice-president and president, Coronary & Structural Heart, Medtronic. He added, "We have followed the transcatheter mitral valve space closely and firmly believe that Twelve has the most novel technology along with a strong, proven team. The combined strengths of our organizations will significantly accelerate our ability to deliver an exciting and differentiated therapy to patients, physicians and healthcare systems around the world."

Mitral regurgitation occurs when the heart's mitral valve fails to close normally, allowing blood to flow backward when the heart contracts. Over time, this will lead to declining heart function and heart failure. The TMVR device under development is being designed to treat patients with mitral valve regurgitation in whom standard restorative surgery is not recommended. The majority of these patients are largely underserved with limited treatment options.

Mr Andrew Cleeland, president and CEO, Twelve said, "Twelve's technology is a truly creative solution that brings together valve technology with a unique and highly differentiated dual-stent fixation design. Our acquisition by Medtronic will create a tremendous opportunity to leverage Medtronic's expertise and proven success in the structural heart space to advance the treatment of mitral regurgitation."

Medtronic has agreed to pay up to $458 million for Twelve including $408 million at closing and $50 million on achievement of CE Marking. The cash- and debt-free transaction remains subject to customary closing conditions, and is expected to close in October 2015.