According to a Medtronic press release, Medtronic is acquiring TYRX, Inc. for an initial payment of $160 million plus potential future milestones. According to TYRX’s website, TYRX is the developer and manufacturer of “innovative, implantable, combination drug+device products that utilize novel biomaterials.”
According to TYRX’s website, the company has developed the recently FDA-cleared AIGISRx® R Fully Resorbable Antibacterial Envelope, designed to reduce surgical site infections associated with cardiac implantable electronic devices, such as AICDs. Additionally, TYRX’s website also describes their AIGISRx® N Antibacterial Envelope, for use with spinal cord neurostimulators.
“While the risk of infection from an implanted pacemaker or defibrillator is low for most patients, repeated operative procedures after the initial device implant are associated with a substantial incremental risk of infection. This is estimated to cost the U.S. healthcare system more than $1 billion per year . . . . TYRX has developed an innovative, proven technology to reduce infection risk, making the procedure safer for patients and removing significant costs from the healthcare system.”
The press release also quotes TYRX President and CEO Robert White: “We look forward to joining Medtronic as part of a combined portfolio that can positively impact outcomes for patients by reducing implant-related infections, and bring value to our customers.”