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Irish medical technology firm Medtronic has completed the acquisition of US-based medical device firm Medina Medical for approximately $150m.

The transaction also includes additional payments based on achievement of key milestones.

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Medtronic already owned a stake in Medina Medical prior to this deal, which is expected to allow the company to have a pre-tax gain in the second quarter of fiscal year 2016.

Medina Medical is involved in commercialising modern treatments for vascular abnormalities of the brain, including cerebral aneurysms.

Medtronic Restorative Therapies Group neurovascular division president Brett Wall said: "Medtronic is committed to fighting stroke through the innovative therapies we bring to clinicians and patients.

"Medina Medical’s breakthrough technology makes it a natural fit with our Neurovascular portfolio, further strengthening our hemorrhagic stroke portfolio.

"The Medina embolisation device features advanced technology to treat cerebral aneurysms that we think can one day disrupt the coil market."

The embolisation device is an intrasaccular 3D mesh implant that has been developed to fill the inside of a brain aneurysm.

The company has designed the new technology to have an implant with 3D self-expandable mesh, which provides a scaffold across the aneurysm neck, adjusts to the shape of the aneurysm and reduces blood flow.

The company received CE mark approval for the device in the European Union (EU), while it is not approved in the US.

"Medina Medical’s breakthrough technology makes it a natural fit with our Neurovascular portfolio."

Medina Medical CEO Erik Engelson said: "This acquisition offers Medina Medical a unique opportunity to bring together our breakthrough technologies with Medtronic’s leading clinical, regulatory, market development, and commercial expertise.

"We look forward to working closely with Medtronic to provide expanded access and economic efficiencies to our clinical partners in fighting stroke – particularly aneurysms and hemorrhagic stroke."

Earlier in August, Medtronic agreed to acquire another US-based medical device firm Twelve for approximately $458m.

Under that deal, Medtronic will pay $408m at closing and $50m on achievement of CE Marking for Twelve’s transcatheter mitral valve replacement (TMVR) device.

Image: Medtronic operational headquarters, Minneapolis, US. Photo: courtesy of Medtronic, Inc.