In a bid to expand its presence in advanced surgical devices, Medtronic has struck deals to acquire two privately-held companies.
Already part-owner of the New Hampshire-based Salient Surgical Technologies, Medtronic agreed to buy the remaining share for about $480 million. Salient designs and manufactures devices that significantly reduce blood loss during surgery and the need for blood transfusions. The company has annual sales of about $100 million.
Medtronic also announced plans to buy Peak Surgical, a California-based company makes high-tech surgical cutting and coagulation instruments. Medtronic had a small stake in the company, and wlll pay $105 million to acquire the entire firm. Peak reports annual sales of about $20 million.
Medtronic spokesman Steve Cragle says the buys reflect Medtronic's plan to offer a wider range of products.
"The acquisition of both companies really expands our product portfolio to give us the greatest breadth of technology, ranging from incision to wound closure and repair," Cragle said.