Medtronic plc has signed a definitive agreement to acquire Twelve, Inc., a privately-held medical device company based in Redwood City, Calif., focused on the development of a transcatheter mitral valve replacement device.

“Upon close, this acquisition will strategically augment our existing capabilities in the transcatheter mitral space, which represents an important growth opportunity for Medtronic,” said Sean Salmon, senior vice president and president, Coronary & Structural Heart, Medtronic. “We have followed the transcatheter mitral valve space closely and firmly believe that Twelve has the most novel technology along with a strong, proven team.”

Mitral regurgitation occurs when the heart’s mitral valve fails to close normally, allowing blood to flow backward when the heart contracts. Over time, this will lead to declining heart function and heart failure.