Medtronic Inc. said Monday that it is buying CoreValve Inc., an Irvine heart valve company, for $700 million and future milestone payments.
CoreValve is developing a new type of heart valve that doesn’t require open heart surgery.
The company’s vavle is inserted using a catheter placed in an artery in the groin.
The deal is a shot across the bow to Irvine-based Edwards Lifesciences Corp., another Irvine device maker that is making a big less-invasive valve push.
Edwards is the farthest along of any company in less-invasive valves.
CoreValve and Edwards have traded lawsuits over technology.
CoreValve, a privately held company, was founded in 2001. Its device and technique was approved for sale in Europe in 2007 but has not received approval from the Food and Drug Administration.
The system’s been implanted in 2,600 patients worldwide.
Medtronic, which is based in suburban Minneapolis, has a heart valve plant in Santa Ana with about 550 workers.
