Dive Brief:
- Medtronic has agreed to buy up to $90 million worth of shares in Anteris Technologies Global, developer of a transcatheter aortic valve replacement device for patients with severe aortic stenosis.
- The purchase, in a private placement, is contingent on Anteris completing a proposed $200 million public stock offering, the company said Tuesday.
- Anteris said it will sell the shares to Medtronic at a price per share equal to the public offering price, subject to a minimum purchase of 16% of the number of common shares outstanding after the offering and a maximum purchase of 19.99%.
Dive Insight:
Minimally invasive TAVR has surpassed open heart surgery as the preferred procedure for aortic valve replacement.
Medtronic sells the Evolut TAVR system to treat severe aortic stenosis, a narrowing of the valve that makes it harder for the heart to pump blood. Edwards Lifesciences and Abbott also sell TAVR devices.
Anteris’ DurAVR device is a biomimetic valve designed to mimic the performance of a healthy human aortic valve. The valve is made from a single piece of Anteris' ADAPT tissue, whose anti-calcification technology has been cleared by the Food and Drug Administration, the company said.
Anteris is studying the safety and efficacy of the DurAVR valve in the PARADIGM clinical trial, which enrolled the first patients in Denmark during the fourth quarter. The company said it would use proceeds from its public offering and the private placement to support the study, including ongoing recruitment, and for expansion of its manufacturing capabilities.
Anteris made its initial public offering on the Nasdaq market in 2024.
