MINNEAPOLIS (AP) -- Medtronic, the world's largest medical device maker, said Thursday it has closed its $700 million acquisition of replacement heart valve maker Corevalve Inc. in a move to expand its cardiovascular portfolio.
In addition, the company noted that it has completed its $325 million acquisition of Israeli firm Ventor Technologies Ltd., which also makes replacement heart valves.
The system developed by Irvine, Calif.-based Corevalve allows a surgeon to insert a replacement heart valve through a small incision in the leg artery rather than performing open-heart surgery.
Medtronic noted that the technology has not yet been cleared for use by the Food and Drug Administration and is not currently available in the U.S.
Corevalve is eligible for additional bonus payments on top of the $700 million if its product clears certain milestones.
Ventor Technologies' products are targeted to patients with heart valves that don't open completely, but who are too sick to undergo surgery.
Medtronic first announced the pending acquisitions in February.
Medtronic shares gained 82 cents, or 2.7 percent, to $31.04 on Thursday.