Heart Disease Joint Venture

Originally Published MX July/August 2004

BUSINESS NEWS

In early June, Medtronic Inc. (Minneapolis) and Genzyme Corp. (Cambridge, MA) announced that they have formed a joint venture to develop a treatment to rebuild heart muscle following a heart attack. The venture will be named MG Biotherapeutics. The companies said they would split the research costs and the profit if a treatment is successfully developed. The companies expect to enter a late-stage clinical trial in early 2008.

Guidant Corp. (Indianapolis) has made a $15 million investment in Evalve Inc. (Redwood City, CA), which develops catheter-based technologies to repair heart valves. Under the terms of the agreement, Guidant will make additional payments to Evalve based upon the achievement of certain milestones. Guidant will also hold a seat on the company's board of directors.