CoreValve Acquired By Medtronic For $700M

Irvine-based CoreValve, a venture-backed developer of an aortic valve replacement market, has been acquired by Medtronic in a $700M deal, Medtronic said this morning. According to Medtronic, it will pay $700M plus additional contingent payments based on milestones, for CoreValve, which develops a product that uses catheters for non-surgical heart valve replacement. The acquisition represents a win for CoreValve's venture backers, which include Apax Partners, Healthcap Venture Capital, Maverick Capital, and Sofinnova Ventures. CoreValve raised funding as recently as March of 2007, when it pulled in $33M in a third round of funding.