Roughly three years after acquiring Ventor Technologies for $325 million, Medtronic (NYSE:MDT) is closing the Israeli operation and laying off 55 employees, according to an Israeli publication.
Ventor Technologies brought transcatheter aortic valve technologies to Medtronic.
A Medtronic spokesman confirmed Thursday that Ventor’s operations will cease in Israel, noting that the move is part of the company’s plan to consolidate the heart valve R&D programs.
Medtronic CEO Omar Ishrak has promised to deliver operational efficiency at the company.
Chris Garland, the spokesman, added that further product development of Ventor’s Engager aortic valve will be undertaken at the company’s Galway location in Ireland, while its manufacturing will move to Santa Ana, California. Medtronic also plans to complete the pivotal trial to win European regulatory approval for the Engager valve, said Chris Garland, the spokesman. That trial began in September.
However, Garland said the company has not made a decision on where to continue Ventor’s transcatheter mitral replacement program. He noted that Ventor’s chief executive — Guy Ezekiel — will remain with the company during the two-month transition period.
Procedures involving transcatheter aortic valves remove the need for open heart surgery, thereby providing an alternative to people who have severe stenosis but who are incapable of undergoing an open heart surgery due to poor health.
