Medtronic to Buy Israeli Catheter Developer AV Medical for $30 Million
Tel Aviv-based AV Medical develops catheters for dialysis patients undergoing routine angioplasty procedures
Dublin-headquartered medical device maker Medtronic PLC has agreed to buy Tel Aviv-based medical device developer AV Medical Technologies Ltd. for $30 million, one person familiar with the deal told Calcalist, speaking on condition of anonymity.
Founded in 2012, AV Medical develops catheters for dialysis patients undergoing routine angioplasty procedures. The company has previously signed a distribution agreement with Medtronic for its Chameleon balloon catheter, cleared by the U.S. Food and Drug Administration (FDA) in 2015. The acquisition negotiations launched once AV Medical had demonstrated commercial potential and went on for months, the person said. AV Medical will continue to operate in Israel, and its ten employees will become part of Medtronic's local team, the person said.
Yaron Itzhari, director of Medtronic Israel. Photo: Yair Sagi
Responding to Calcalist's request for comment on Thursday, AV Medical founder Michael Tal declined to address the financial terms of the deal, saying only that the acquisition will help deliver AV Medical's products to more patients throughout the world.
Medtronic Israel was approached by Calcalist on Thursday and declined to comment on the deal.
In July, Calcalist reported that Medtronic had signed a partnership agreement with Israeli stroke detection startup Viz.ai Inc. In September 2018, Medtronic acquired Israel-based surgical robotics company Mazor Robotics Ltd. for $1.34 billion in cash. Earlier that year, it acquired medical visualization company Visionsense Ltd. for $65 million.