Medtronic plc (NYSE:MDT) on Tuesday announced it will exercise its option to acquire CathWorks, a privately held medical device company based in Israel.

The acquisition is valued at up to $585 million with potential undisclosed earn-out payments post-acquisition.

CathWorks is focused on coronary digital health.

The intent to acquire CathWorks follows a 2022 strategic partnership with a co-promotion agreement for the CathWorks FFRangio System in the U.S., Europe, and Japan, where it is commercially available.

Coronary physiology, most commonly assessed using fractional flow reserve (FFR), helps physicians identify which lesions truly cause ischemia.

Using a combination of artificial intelligence (AI) and advanced computational science, the CathWorks FFRangio System is an angiography-derived system that delivers FFR ...