Anteris Technologies announced that medtech giant Medtronic will make a strategic investment of up to $90 million in the transcatheter heart valve developer.
The private placement, announced after market close, requires Medtronic to acquire a 16.0–19.99% stake in Anteris. In addition, Anteris is proposing a $200 million underwritten public offering, with the underwriters given a 30-day option to spend $30 million to buy additional shares of common stock at the public offering price (minus underwriting discounts and commissions).
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Anteris, which was founded in Australia and has a significant presence outside of Minneapolis in Eagan, intends to use the investments to fund the next stages of its growth and advance execution of its clinical strategy.
There is ongoing recruitment for the DurAVR transcatheter heart valve global pivotal trial for patients with severe aortic stenosis (the “Paradigm trial”), and the company is expanding its manufacturing capabilities.
Company officials also expect a portion of the proceeds to fund ongoing R&D for v2vmedtech Inc., with the balance allocated to working capital and other general corporate purposes.
The Medtronic investment and other fundraising come nearly three months after Anteris announced positive one-year clinical outcomes for DurAVR, which is shaped to mimic the performance of a healthy human aortic valve and aims to replicate normal aortic blood flow. The balloon-expandable, biomimetic DurAVR THV is created with a single piece of molded Adapt tissue, Anteris’ patented anti-calcification bovine tissue technology.
At the J.P. Morgan Healthcare Conference in San Francisco last week, Medtronic officials said they were stepping up their tuck-in M&A efforts, and the investment in Anteris comes in the wake of competitor Edwards Lifesciences failing to acquire JenaValve due to the FTC’s antitrust concerns.
