Capricor Therapeutics Inc. is buying patent rights from Medtronic Inc. (NYSE: MDT) related to a heart-failure treatment.
Beverly Hills, California-based Capicor is buying rights related to the formulation and pump delivery of natriuretic peptides, which are used for the treatment of post-acute heart failure. The purchase helps the buyer start a clinical program for Cendertide, the heart failure-related drug it is developing. Terms of the deal were not disclosed.
The deal comes as Medtronic is in the middle of a potential $43 billion acquisition of medical device maker Covidien, motivated in part by tax advantages to be gained in a planned headquarters move to Ireland. In September, Medtronic sold some medical instrument lines to Integra Life Sciences Holdings Corp. (Nasdaq: IART) for $600 million.
Other recent pharmaceutical deals include OnCore Biopharma Inc.'s acquisition of Enantigen Therapeutics Inc. to add hepatitis trials, and Acorda Therapeutics Inc.'s (Nasdaq: ACOR) deal for Civitas Therapeutics for $525 million.