Medtronic will make an up to $80 million strategic investment in Pi-Cardia, strengthening its structural heart portfolio and supporting the next generation of innovation.

"As structural heart care evolves, we're investing in technologies that help physicians address today's challenges while preparing for tomorrow's opportunities," said Jorie Soskin, who serves as vice president and general manager of Medtronic's Structural Heart business.

Pi-Cardia's ShortCut device is the first FDA-cleared leaflet modification technology designed to enable valve-in-valve, transcatheter aortic valve replacement procedures in patients at risk of coronary obstruction, according to Medtronic.

The company said the device provides physicians with a safe, easy-to-learn, reproducible approach to leaflet modification that can help preserve coronary access and enable future transcatheter valve procedures.

Under its agreement, Medtronic said it will become the exclusive global commercial distributor of the ShortCut device next year. The company will work to expand physician access across the U.S. and international markets.

The agreement also includes an option for Medtronic to acquire Pi-Cardia upon achievement of predefined milestones for an estimated upfront acquisition price of up to $210 million, the companies said.