- Medtronic and DaVita launched a new joint venture focused on kidney care technology, called Mozarc Medical.
- Both companies will hold an equal equity stake in Mozarc, and Ven Manda, who previously led Medtronic’s renal care solutions business, will be its CEO, the companies said in a statement on March 1.
- Mozarc’s products will include Medtronic’s existing renal care solutions business, which consists of technology for renal access and acute and chronic therapies. The joint venture will develop new technologies for kidney care including home-based products.
Minneapolis-based medical device firm Medtronic and Denver-based dialysis company DaVita first announced plans for the joint venture last year as part of a broader restructuring by Medtronic to shed its lower-growth business segments. Each company contributed $200 million in cash to launch Mozarc, according to the Minneapolis Star Tribune. In the most recent quarter, Medtronic’s renal care solutions business brought in $70 million in revenue.
Mozarc’s leadership team will include Medtronic’s leadership for its renal care solutions business, including CEO Manda. Its six-person board of directors will include two people from each company and two independent directors.
Medtronic and DaVita shared few specifics on what technologies Mozarc will develop, but referred to home-based kidney care products as an area of focus.
"Mozarc Medical's focus will be on meaningful and innovative kidney health technologies that improve the overall patient experience and increase access to care globally," Manda said in the statement. "At a time when patient preferences are evolving and in-home kidney care is on the rise, Mozarc Medical is uniquely positioned to better serve patients with kidney disease around the world."
The companies also haven’t disclosed where Mozarc will be headquartered, but the new company’s website lists an address in Minneapolis.