Medtronic and DaVita Announce New Kidney Health Technology Company

Companies Join Forces to Accelerate Innovation in Kidney Care Devices and improve patient outcomes

DUBLIN and DENVER, May 26, 2022 /PRNewswire/ — Medtronic plc (NYSE:MDT) and Da Vita Inc. (NYSE: DVA) today announced its intention to form a new independent medical device company focused on kidney care (“NewCo” or “the Company”) to improve the patient treatment experience and improve overall results.

By combining Medtronic’s capabilities as a health technology leader with DaVita’s deep expertise as a comprehensive renal care provider, NewCo will be in a unique position to advance the development of differentiated therapies for patients suffering from kidney disease. ‘renal failure. The company will focus on developing a wide range of new kidney care products and solutions, including future home products, to make different dialysis treatments more accessible to patients.

“This is an exciting time that will shape the future of kidney care,” said Vene Manda, president of Medtronic’s RCS business and CEO of NewCo at the closing. “Our unique focus on end-to-end kidney health solutions will position this new company to make a measurable difference in the lives of more than three million kidney patients worldwide, a number that is expected to double over the next the next decade.

“We are excited to collaborate with Medtronic and share our deep understanding of patient and physician needs to accelerate the development and commercialization of scalable kidney care technologies,” said Javier Rodriguez, CEO of DaVita. “DaVita is committed to delivering industry-leading solutions that improve outcomes, access, and quality of life for our patients, and this is another way to bring more options to the market.”

Under the terms, NewCo will be co-owned by Medtronic and DaVita, each with equal interests, and led by an independent management team. Medtronic will bring its Renal Care Solutions (RCS) business, including the current product portfolio (renal access, acute therapies, and chronic therapies), product pipeline, and global manufacturing R&D teams and facilities. No other Medtronic products or portfolios, including those in the AV Access portfolio in the Peripheral Vascular Health business, are included. Both companies will provide an initial investment to fund NewCo and some future operating capital.

NewCo, which will be rebranded and rebranded upon closing, will operate as an independent company governed by a six-person board of directors consisting of two directors from Medtronic and DaVita, and two independent directors.

The transaction is expected to close within the next calendar year, subject to fulfillment of disclosure and consultation obligations with employee representative groups under applicable laws and receipt of customary regulatory approvals and satisfaction of customary closing conditions.

About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Dublin, Ireland, is the global health technology leader boldly tackling the toughest health challenges facing humanity by researching and finding solutions. Our mission – to relieve pain, restore health and extend life – brings together a global team of more than 90,000 passionate people in 150 countries. Our technologies and therapies address 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. With our diverse knowledge, insatiable curiosity and desire to help everyone in need, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we deliver insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we design the extraordinary. For more information about Medtronic (NYSE:MDT), visit www.Medtronic.com and follow @Medtronic on Twitter and LinkedIn.

About DaVita
DaVita (NYSE: DVA) is a comprehensive kidney care provider focused on transforming care to improve the quality of life for patients around the world. The company is one of the largest providers of kidney care services in the United States and has been a leader in clinical quality and innovation for more than 20 years. DaVita strives to help increase equitable access to care for patients at every step and stage of their kidney health journey, from slowing the progression of kidney disease to streamlining the transplant process, from acute hospital care to home dialysis. From December 31, 2021, DaVita has served 203,000 patients at 2,815 ambulatory dialysis centers in the United States. The company operated 339 additional outpatient dialysis centers in ten countries around the world. DaVita has reduced hospitalizations, improved mortality, and worked collaboratively to propel the kidney care community to adopt an equitable, high-quality standard of care for all patients, everywhere. To learn more, visit DaVita.com/About.

This press release contains forward-looking statements within the meaning of the federal securities laws. All such statements in this press release, other than statements of historical facts, including, without limitation, statements about the anticipated effects of the transaction and the timing of closing, are forward-looking statements. Words such as “expect”, “intend”, “will”, “plan”, “anticipate”, “may”, “believe”, “continue” and similar expressions are intended to identify forward-looking statements. DaVita and Medtronic base their respective forward-looking statements on information available to them as of the date of this report and undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of changes in circumstances, new information, future events or other information, except as otherwise required by law. Actual results and other events could differ materially from any forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among others, the risk factors set forth in reports on Form 10-K and Form 10-Q filed by DaVita or Medtronic, as applicable, and other risks and uncertainties discussed in subsequent reports. that DaVita or Medtronic, as applicable, files with the Securities and Exchange Commission from time to time.

CONTACTS




Medtronic contacts:


Erika Winkels

Ryan Weispfenning

Public relations

Investor Relations

+1-763-526-8478

+1-763-505-4626



DaVita Contacts:


Halie Peddle


Public relations

Investor Relations

+1-303-550-6349

[email protected]

SOURCEMedtronic plc

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