CoreValve, Inc. has been acquired by Medtronic, Inc.

The founder of CoreValve, Inc. has sold the company to Medtronic, Inc. for US$700 million plus additional payments contingent upon the achievement of agreed milestones.

CoreValve was founded in 2001 and performed its first human transcatheter valve procedure in 2004. Its ReValving System received CE Mark approval in 2007 and has since become a technology leader in percutaneous aortic valve replacement. The ReValving System is comprised of a porcine pericardial tissue value, mounted on a self-expanding frame and implanted via a low profile (18F) delivery catheter. CoreValve is based in Irvine, California.

Medtronic is the world leader in medical technology providing lifelong solutions for people with chronic disease. They offer products, therapies and services that enhance or extend the lives of millions of people. Each year, five million patients benefit from Medtronic's technology, used to treat conditions such as diabetes, heart disease, neurological disorders and vascular illnesses.

Oaklins' team in France advised the seller in this transaction.