Abbott announced that it has completed its acquisition of Tendyne Holdings, Inc., a private medical device company focused on developing minimally invasive mitral valve replacement therapies. Abbott acquired the equity of Tendyne that it did not already own for $225 million upfront, resulting in a total transaction value of $250 million, plus potential future payments tied to regulatory milestones.
Tendyne's Bioprosthetic Mitral Valve System is designed to be implanted in a beating heart, without the need for open heart surgery, which would be a new treatment option for mitral valve replacement. It is an investigational device and not currently available for sale. The U.S. Food and Drug Administration has given 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 in Europe.
