The news: Medtronic said Monday it is buying two companies for $1 billion, expanding its presence in the heart valve market.
The deal: Medtronic bought CoreValve Inc. of Irvine, Calif., for $700 million, plus additional payments contingent on the achievement of certain milestones, and Ventor Technologies Ltd. of Israel for $325 million.
The rationale: Med-tech needs a hot new technology, and some analysts believe minimally invasive devices and procedures to repair failing heart valves could be it.
What's next: Medtronic hopes to launch both companies' products in the United States in 2014, with clinical trials of the technologies beginning in 12 to 18 months.
A big deal: The CoreValve deal is believed to be the largest buyout of a venture-backed medical-device maker since at least 1998, according to VentureSource.
![Attendees of Frostbike made their way through the convention Saturday at the Quality Bike Products campus in Minneapolis. ] (AARON LAVINSKY/STAR TRIBUNE) aaron.lavinsky@startribune.com Frostbike 2016 was held at the Quality Bike Products Campus on Saturday, Feb. 27, 2016 in Bloomington, Minn.](https://arc.stimg.co/startribunemedia/NH2BSHB74ND2V6GF2G2HI5X4MM.jpg?&w=252&ar=3:2&fit=crop)
