Medtronic is acquiring Ai Biomed a little more than a month after its last tuck-in deal was announced. This makes the seventh acquisition the Dublin-based company has announced in 2020.
The deal would give Medtronic access to the PTeye system, which helps confirm parathyroid tissue identified visually by the physician – a crucial step in thyroid surgery. Santa Barbara, CA-based Ai Biomed’s technology enhances Medtronic’s NIM Vital nerve monitoring system, a device that enables physicians to identify, confirm, and monitor nerve function to help reduce the risk of nerve damage during head and neck surgery.
Medtronic noted the Ai Biomed’s device had just won FDA clearance.
“The addition of these two technologies builds on our 20-year legacy of providing innovative solutions that assist surgeons during critical head and neck procedures,” said Vince Racano, vice president and general manager of the ENT business, which is part of the Restorative Therapies Group at Medtronic. “By offering these complementary technologies – the NIM Vital system to protect crucial nerves and the PTeye system to help confirm parathyroid tissue identified visually by the surgeon – we’re helping physicians address two of the most common challenges during these procedures.”
Medtronic is coming close to topping the number of deals Boston Scientific announced in 2018. (Editor’s note: Boston Scientific announced 10 acquisitions in 2018.) However, the medtech giant differs from Boston Scientific because Medtronic is focused on smaller tuck-in deals. Recall, Marlborough, MA-based Boston Scientific paid about $4 billion to acquire BTG in 2018.
Medtronic has had a busy 2020 – frequently making medtech headlines. Whether it’s the company’s sacral neuromodulation patent spat with Axonics or the recent FDA approval of its venous self-expanding stent system, the device maker has seen a furious flurry of activity this year.