Medtronic and Ardian complete merger and acquisition talks
An $800 million cash payment will be made by Medtronic to Ardian following successful business negotiations.
Medical technology firm Medtronic has completed merger allowing it to acquire Adrian, a developer of catheter-based therapies, in a business deal that will see Medtronic make an $800 million cash payment up front.
Medtronic previously had an 11 per cent holding in Ardian after carrying out previous investments into the company and will be required to pay commercial milestones equal to the annual growth in revenue through to the end of the company's fiscal year in 2015.
Commenting on the merger, chief executive of Ardian Andrew Cleeland said: "Our integration into Medtronic creates a tremendous opportunity to leverage Medtronic's global scale and scope to advance the treatment of uncontrolled hypertension."
Vice-president at Medtronic Sean Salmon said his organisation sees the potential for exciting growth in the medical devices market for the treatment of the illness.
According to the American Heart Association, uncontrolled hypertension is defined as blood pressure that is above 140/90 millimetres of mercury.