Medtronic plc (Dublin, Ireland) signed a definitive agreement to acquire Twelve Inc (Redwood City, CA) for up to $458 million, including $408 million at closing and $50 million on achievement of CE marking. Twelve Inc is a privately held medical device company working to develop a transcatheter mitral valve replacement (TMVR) device. Medtronic will manage the Twelve product line as part of its Coronary & Structural Heart division within the Cardiac and Vascular Group. The cash- and debt-free transaction is subject to customary closing conditions. It is expected to close in October 2015.