Medtronic to Invest Up to $80 Million in Pi-Cardia

06:53 AM EDT, 09/01/2026 (MT Newswires) -- Medtronic (MDT) will invest up to $80 million in Pi-Cardia and retain an option to acquire the company for up to $210 million if certain milestones are met, the companies said Tuesday. The potential acquisition could also include post-acquisition earn-out payments, the parties said. Under the agreement, Medtronic will also exclusively distribute Pi-Cardia's ShortCut device in 2027, they said. ShortCut, approved by the US Food and Drug Administration, is designed to enable valve-in-valve transcatheter aortic valve replacement procedures in patients at risk of coronary obstruction, they said. Medtronic shares were up 4.7% in Tuesday's premarket activity.