On top of $800m initially, Medtronic will pay performance fees to acquire portfolio company Ardian.
Medtronic, a New York-listed medical device maker, has agreed to acquire one of its corporate venturing unit’s portfolio companies, Ardian, for at least $800m.
On top of the $800m, the acquirer said it would pay performance fees equal to the annual revenue growth through the end of Medtronic’s fiscal year 2015.
Medtronic owned 11% of US-based Ardian, which makes the Symplicity Catheter System to treat hypertension and related blood conditions.
Medtronic led Ardian’s $47m series C round in March 2009, which also included venture capital firms Advanced Technology Ventures, Morgenthaler Ventures, Split Rock Partners and Emergent Medical Partners.
News provider CrunchBase said Ardian had raised $10.1m in its series B round in 2006 and $7m the year before.
