Medtronic is acquiring California-based medical device company Twelve, according to website MarketWatch.
The privately held company focuses on the development of a transcatheter mitral valve replacement device, and is the twelfth company from The Foundry, a medical device incubator, according to the website.
"Upon close, this acquisition will strategically augment our existing capabilities in the transcatheter mitral space, which represents an important growth opportunity for Medtronic," said Sean Salmon, Senior Vice President and President, Coronary & Structural Heart, Medtronic. "We have followed the transcatheter mitral valve space closely and firmly believe that Twelve has the most novel technology along with a strong, proven team. The combined strengths of our organizations will significantly accelerate our ability to deliver an exciting and differentiated therapy to patients, physicians and healthcare systems around the world."