Pappas Capital Announces the Passing of…

MINNEAPOLIS - Jan. 06, 2014 - Medtronic, Inc. (NYSE: MDT) today announced that it has acquired TYRX, Inc., a privately held, New Jersey-based developer of implantable combination antibiotic drug and implanted medical devices. TYRX's product offerings include the recently FDA cleared AIGISRx® R Fully Resorbable Antibacterial Envelope, designed to reduce surgical site infections associated with Cardiac Implantable Electronic Devices (CIEDs), and the AIGISRx® N Antibacterial Envelope, for use with spinal cord neuromostimulators. The all cash transaction includes an initial payment of $160 million plus potential earn out and performance based milestone payments. Medtronic expects the net impact from this transaction to be neutral to fiscal year 2014 earnings and for this transaction to be consistent with the company's disciplined focus on long-term returns.