Minneapolis-based Medtronic Inc, a global leader in medical devices technology, yesterday announced its acquisition of Ventor Technologies Ltd, a privately-held Israeli company for a payment of $325 million.

Ventor Technologies is a developer of transcatheter heart valves that offer a non-surgical alternative for patients who need their valve replaced but may not be good surgical candidates.

It is developing a unique aortic valve prosthesis that can be implanted "off pump", on a beating heart. Ventor's unique valve design allows for easy implantation, enhanced prosthesis anchoring and superior haemodynamic performance.

The transcatheter, and transfemoral aortic valve replacement products offer the large number of high or prohibitive surgical risk patients an opportunity to have their aortic valves replaced using a catheter inserted through an artery in the groin.

The acquisition announcement came just after Medtronic's $700-million takeover agreement with CoreValve Inc., which also makes a transcatheter product. Privately-held CoreValve, founded in 2001, is based in Irvine, California.

With these acquisitions Medtronic Medtronic will now own, rather than license, exclusive worldwide technology in high-growth aortic transcatheter valves segment, a segment in which it is looking for aleadership role.

Current standard of care for patients with aortic stenosis is open-heart valve surgery. However, many patients are ineligible for surgery because of their deteriorating health.

''The combination of Ventor Technologies and our strengths in research and development, operations, medical education and market development will improve patient outcomes and expand physician adoption among both surgeons and interventional cardiologists,'' said Bill Hawkins, chairman and CEO of Medtronic.

Guy Ezekiel, M.D., president and CEO of Ventor Technologies, said, the company is delighted to join hands with Medtronic. ''Together, we look forward to improving the quality of care for more than 300,000 people worldwide with severe aortic stenosis,'' he said.

CoreValve's board and shareholders have approved the acquisition, which is subject to regulatory clearance.

''The acquisition of CoreValve gives additional momentum to our strategies for growth and will improve the quality of care for more than 300,000 people worldwide with severe aortic stenosis,'' Hawkins said. ''Our manufacturing and global distribution strengths will accelerate the use of this life-saving technology.''

Jacques Sequin, founder and chairman of CoreValve, added, ''We are thrilled to have secured a transaction with Medtronic, which will ensure that more patients have access to this revolutionary technology.''

Daniel Lemaitre, president and CEO of CoreValve, commented, ''We are proud the CoreValve ReValving system has achieved more than 2,600 implants at 125 centers in 25 countries around the world. The combined Medtronic and CoreValve team has great strength, depth and experience, and we look forward to further success.''

Earlier this month, Medtronic completed its acquisition of Ablation Frontiers as it looks to expand its atrial-fibrillation business. At the end of last year, the company bought Canada's CryoCath Technologies Inc., giving it access to a catheter that treats atrial fibrillation, a condition in which the heart's chambers don't pump correctly.

In the face of the current slowdown, Medtronic last week announced robust results for its third quarter of fiscal year 2009, ended 23 January 2009.

The company reported revenue of $3.49 billion, a three per cent increase over the same period last year. Revenue outside the US grew to $1.32 billion (38 per cent of total revenue for the quarter).

Net earnings in the third quarter were $723 million, or $0.65 per diluted share, an increase of 839 per cent.  After adjusting for in-process research and development charges of $72 million, or $0.06 per share, non-GAAP net earnings and diluted earnings per share in the period were $795 million, or $0.71 per diluted share, an increase of 12 per cent from last year period. The company has also announced a cash dividend of $0.1875 per share.