Medtronic to Buy Imaging Firm - TheStreet

Medtronic to Buy Imaging Firm

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Medical-device maker

Medtronic

(MDT) - Get Report

said it will exercise its option to buy the O-arm Imaging System assets of Massachusetts-based Breakaway Imaging.

The financial terms of the agreement, which is expected to close in June, aren't being disclosed.

Breakaway granted Medtronic the exclusive rights to distribute the system and an option to acquire its assets in September 2005. The O-arm Imaging System, which received FDA approval that same year, is intended for use in orthopedic surgical procedures.

"It will be an essential component in expanding the adoption of minimally invasive spine surgeries and opens the possibility for novel therapies which we believe are the wave of the future," says Jim Cloar, vice president and general manager of the navigation business at Medtronic.

Medtronic makes a range of cardiac devices, such as defibrillators, along with instruments for treating the spine, ear, nose and throat.

Shares of Medtronic rose 73 cents, or 1.4%, to $53.29 in afternoon trading Tuesday.