Medtronic Inc. (NYSE: MDT), which operates Medtronic CardioVascular in Santa Rosa, completed the acquisition of privately-held Ardian Inc. for a purchase price of $800 million in cash up front, plus additional cash payments equal to annual revenue growth through the end of Medtronic’s fiscal year 2015.
Ardian is a developer of catheter-based therapies to treat hypertension and related conditions and is based in Mountian View. The acquired company will become part of Medtronic's coronary and peripheral business, based in Santa Rosa. Medtronic had previously invested in Ardian and, prior to completion of the acquisition, held an 11.3 percent ownership stake in the company.
Ardian's flagship product has received the CE mark for marketing in Europe and is also approved in Australia. It has not yet been approved by the U.S. Food and Drug Administration.