Medtronic Agrees To Invest $30 Million In Minimed

MiniMed Inc. has entered into an agreement with Medtronic Inc., under which Medtronic is to purchase up to $30 million of MiniMed common stock at $60 per share.

Under the agreement, Medtronic purchased 233,334 shares for approximately $14 million and entered into a second agreement to purchase an additional 266,666 shares for approximately $16 million subject to compliance with the Hart Scott Rodino Antitrust Improvements Act. The agreement also provides Medtronic with certain demand and piggyback registration rights for the shares. Upon completion of the transaction, Medtronic will own approximately 3.5% of the total equity of MiniMed.

MiniMed Inc. manufactures advanced infusion systems primarily for the intensive management of diabetes.