Anteris surges 8% as Medtronic invests $90M in heart valve maker
Strategic partnership accelerates DurAVR clinical trials in $320M capital raise
Anteris Technologies shares surged more than 8% on Thursday after the medical device company announced a strategic investment from healthcare giant Medtronic, securing $320 million in aggregate capital to advance its transcatheter heart valve technology through pivotal clinical trials.
Medtronic will invest up to $90 million in Anteris at $5.75 per share, acquiring a stake between 16% and 19.99% of the Australian company's outstanding shares. The investment is part of a broader financing package that includes a $230 million public offering, according to regulatory filings.
The capital injection will primarily fund the global PARADIGM trial, a pivotal study evaluating Anteris's DurAVR Transcatheter Heart Valve against commercially available devices from market leaders Edwards Lifesciences and Medtronic itself. The trial, which received FDA Investigational Device Exemption approval in the fourth quarter of 2025, aims to enroll approximately 1,000 patients across the United States, Europe, and Canada.
"This strategic investment from Medtronic provides significant validation of our DurAVR technology and the strength of our clinical data," Anteris Chief Executive Officer Wayne Paterson said in a statement. The partnership also grants Medtronic board observer rights and structured acquisition negotiation rights, positioning the healthcare conglomerate for a potential future takeover of the smaller device maker.
Anteris's DurAVR system seeks to differentiate itself in the $7.2 billion transcatheter aortic valve replacement (TAVR) market through a biomimetic design that mimics native human valve physiology. Early clinical data has shown promising hemodynamic performance, with the device demonstrating zero prosthesis-patient mismatch in small annuli patients—a significant improvement over existing commercial devices, which report PPM rates between 11.2% and 35.3%.
The global TAVR market, currently dominated by Edwards Lifesciences with approximately 65% market share and Medtronic with 35%, is projected to grow from $7.22 billion in 2025 to nearly $10 billion by 2029, driven by an aging population and increasing preference for minimally invasive procedures. Anteris is positioning its technology as potentially disruptive, with the ability to deliver hemodynamics comparable to self-expanding valves while maintaining the procedural simplicity of balloon-expandable systems.
Analyst coverage for Anteris reflects optimism about the company's prospects. Four analysts currently rate the stock a Buy or Strong Buy, with an average target price of $16.50, representing substantial upside from Thursday's trading price of $6.57. The stock has been volatile over the past year, reaching a high of $8.79 and touching a low of $2.34.
The PARADIGM trial's primary endpoint is non-inferiority at 12 months for a composite of all-cause mortality, stroke, and cardiovascular hospitalization, with secondary endpoints aimed at demonstrating superiority in hemodynamic outcomes. Success in the trial could position Anteris to capture market share in a procedure space that has increasingly become the standard of care for patients with severe aortic stenosis across all risk categories.
For Medtronic, the investment represents both a strategic bet on emerging cardiovascular technology and a potential acquisition pipeline. The medical device giant has been actively seeking innovative technologies to complement its existing Evolut TAVR portfolio, which currently competes primarily with Edwards's SAPIEN valve family.
"The DurAVR technology's biomimetic design and early clinical results are compelling, and we see significant potential in both the technology and the partnership," said a Medtronic spokesperson, though the company declined to comment on acquisition specifics.
The capital raise significantly extends Anteris's financial runway, allowing it to complete the PARADIGM trial without requiring additional financing in the near term. Analysts estimate that trial completion could take 18-24 months, with potential regulatory submission following successful data readout.
Investors will be closely monitoring patient enrollment progress in the PARADIGM trial and any interim data releases, which could serve as significant catalysts for the stock. The Medtronic partnership also provides credibility that may help accelerate physician adoption and hospital contracting once commercialization begins.