Medtronic Plc will spend as much as $458 million to buy Twelve Inc., becoming the latest medical-device giant to buy an experimental product to replace the heart’s mitral valve without open-heart surgery.

Medtronic will pay $408 million in cash at closing, slated for October, and an additional $50 million once the closely held company’s device wins regulatory approval in Europe, Medtronic said in a statement Tuesday.

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