Medtronic today announced that it has closed on its $585 million acquisition of Newport Beach medical device maker CathWorks.
“With the acquisition of CathWorks by Medtronic, we are boldly redefining the future of cardiovascular care,” CathWorks Chief Executive Ramin Mousavi said in a statement.
The closing of the deal comes four years after both companies entered an agreement to co-promote CathWorks’ FFRangio System where it’s currently available in the U.S., Europe and Japan.
CathWorks, founded in 2013, developed a non-invasive way to diagnose heart disease and “significantly enhances” Medtronic’s interventional cardiology portfolio, according to Jason Weidman, senior vice president and president of Coronary & Renal Denervation business within Medtronic’s Cardiovascular portfolio.
CathWorks this month reported having 50 employees in Newport Beach and 100 companywide.
