Feb 3 (Reuters) – Medtronic said on Tuesday it would buy privately held CathWorks in a deal valued at up to $585 million, as it looks to bolster its heart devices portfolio by adding a new diagnostic tool that could improve care standards.
The medical device maker will now have access to the CathWorks FFRangio System, a non-invasive technology used to evaluate coronary artery disease — the most common heart condition that occurs when plaque builds up in the arteries and restricts blood flow to the heart muscle.
Medtronic’s heart devices portfolio, which includes pacemakers and its rapidly growing Pulsed Field Ablation business, accounts for nearly 40% of the company’s total revenue.
The company said its intent to acquire CathWorks follows a strategic partnership agreement in 2022.
The deal, pending clearance from the U.S. Federal Trade Commission, is expected to be completed by the end of Medtronic’s fiscal 2026.
(Reporting by Christy Santhosh in Bengaluru; Editing by Shilpi Majumdar)
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