Date: Jan 06, 2014 Author: Arezu Sarvestani Source: Mass Device (
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by Arezu Sarvestani
Medtech titan Medtronic offers $160 million plus milestone payments for privately owned TYRX, maker of medical implant and antibiotic drug combination products designed to prevent surgical infections.
Minnesota medical device giant Medtronic (NYSE:MDT) announced today that it acquired privately owned TYRX, maker of surgical infection prevention products.
The deal includes an up-front cash payment of $160 million as well as unspecified milestone-based payments, according to a press release.
The deal plays into the company's relatively new ambition to broaden its scope beyond pure medical devices. Medtronic in August paid $200 million for Cardiocom LLC in cash in a bid to get into the disease management business and in September launched its 'Hospital Solutions' business.
The moves signal Medtronic's continued foray into a larger healthcare arena, a choice that some Wall Street analysts warned may also suggest "challenging times ahead" for the device industry.