How Medtronic Is a Big Innovation Buyer
December 21, 2015
This year saw Medtronic on a spree to acquire new technologies after its $48 billion merger with Covidien.
Chris Newmarker
Talking about acquiring innovation, Medtronic has been the prime example in 2015--engaging in a more than $1 billion spending spree to acquire a host of new technologies.
Medtronic, for example, announced in August that it would spend $458 million to acquire privately held Twelve Inc.(Redwood, CA) and its transcatheter mitral valve replacement technology. The purchase helped keep Medtronic in the game when it came to competing against rivals such as Edwards Lifesciences and Abbott Laboratoriesthat are also spending hundreds of millions of dollars on acquisitions in the space.
The CardioInsight ECVUE vest (shown above), which Medtronic acquired for $93 million, has sensors integrated through, probing the heart through a patient's chest and back.
Ishrak and Medtronic appear to have made good on the promise that investment in U.S.-based industry would continue after moving the official headquarters to Ireland through the $48 billion merger with Covidien early this year.
Not only have there been acquisitions of new technology, but job growth around the company's operational headquarters in Minnesota is enough that Ishrak has been getting hometown kudos from publications including the Minneapolis/St. Paul Business Journal and Twin Cities Business. (He's popular among Qmed readers, too.)
Medtronic has a lot more money to invest, too: The company reported in early December that the merger with Covidien has freed up $9.8 billion in overseas funds that Medtronic can bring back to the U.S. to use.
Chris Newmarker is senior editor of Qmed and MPMN. Follow him on Twitter at @newmarker.
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