News In Brief

Medtronic PLC will acquire 19% of China-based cardiovascular device maker LifeTech Scientific Corp. for $46.6 million and gain the right to distribute current and future LifeTech products under a strategic alliance announced Oct. 15. Under the terms of the definitive agreement, Medtronic will also purchase from LifeTech a $19.6 million convertible note that would represent an additional 7.4% of the company on a fully-diluted, post-conversion basis; Medtronic has the right to acquire more, upon the achievement of certain milestones. LifeTech’s cardiovascular devices treat a range of diseases including structural heart defects, peripheral and aortic vascular disease, and heart valve disease. Medtronic plans to provide “services and expertise” to support LifeTech’s development pipeline and manufacturing capabilities, the company said. The deal will close within 60-90 days.