Medtronic to acquire Twelve

Medtronic announced that it has signed a definitive agreement to acquire Twelve, a privately-held medical device company based in Redwood City, California, focused on the development of a transcatheter mitral valve replacement (TMVR) device. Twelve is the twelfth company spun out from the medical device 'incubator' The Foundry. Medtronic has agreed to pay up to $458 million for Twelve including $408 million at closing and $50 million on achievement of CE Marking.