Medtronic Adds Avenu’s Percutaneous Fistula Technology
Avenu’s Ellipsys vascular access system is an ultrasound-guided catheter to create a durable arteriovenous fistula for patients undergoing dialysis.
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During Q3 biopharmas reached $41.7bn in merger and acquisition value and drew in $44.4bn in potential deal value from alliances. Device company M&A values reached $17.9bn while in vitro diagnostic firms and research tools players completed M&A activity that totaled $8.2bn.
The deal is part of Medtronic's ongoing strategy to revive its diabetes business with technology that simplifies insulin delivery.
Medtronic's revenue for the fourth quarter of fiscal 2020 was down 25% year-year-over due to the COVID-19 pandemic. The hardest-hit segment was restorative therapies, which reported a 33% year-over-year decline in the quarter due to the drop off in deferrable procedures and capital purchases. For the full fiscal year, Medtronic's revenue was down 4.2% to $28.9bn.