Medtronic invests up to $80M in medtech company Pi-Cardia with a potential buyout on the table
Medtronic has invested up to $80 million in Pi-Cardia, an Israeli medtech company that developed a transcatheter device to split leaflets on the existing valve to prevent coronary obstruction during valve-in-valve procedures.
Pi-Cardia's ShortCut device enables interventional cardiologists perform valve-in-valve transcatheter aortic valve replacement (TAVR) procedures on patients who face a heightened risk of coronary obstruction. In some patients, the old leaflets of the first valve block the coronary arteries when the TAVR valve is deployed and props them into an upright position above the valve annulus. Precutting the old leaflets first can prevent the obstruction. The U.S. Food and Drug Administration approved ShortCut in 2024, and recent research has pointed to the device’s real-world impact on treating patients with complex anatomies.
As part of this new strategic investment, Medtronic is expected to become the exclusive global distributor of ShortCut in 2027. In addition, Medtronic will have an option to acquire Pi-Cardia after certain milestones are met for an upfront price of up to $210 million.
“As structural heart care evolves, we're investing in technologies that help physicians address today's challenges while preparing for tomorrow's opportunities,” Jorie Soskin, vice president and general manager of Medtronic's structural heart business, said in a statement. “Our investment in Pi-Cardia reflects our commitment to building a portfolio of technologies that will shape the future of TAVR, particularly for patients with complex anatomy. We believe leaflet modification technologies like ShortCut have the potential to become an important component of structural heart care and the future of TAVR as transcatheter therapies continue to advance.”
“Our mission has been to make leaflet modification a standard part of complex TAVR,” added Erez Golan, CEO of Pi-Cardia. “Medtronic is the right partner to help us achieve this vision given their global reach and commitment to bringing innovative tools to physicians and patients worldwide. We are confident this collaboration will accelerate adoption of ShortCut while continuing to advance the future of leaflet modification.”
In January, Medtronic invested big in Anteris Technologies. In addition, the company was a major investor in CathWorks for years before ultimately buying the company for up to $585 million back in February.
Michael has more than 19 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.