Medtronic said Monday that it bought Tyrx Inc., which makes devices that are used to treat infections associated with surgeries and implanted medical devices like pacemakers.
Medtronic is paying $160 million upfront for the Monmouth Junction, N.J., company. The deal also provides for additional payments based on sales targets. Medtronic said the purchase won't affect its net income in 2014.
Tyrx sells an implant called AIGISRx that is used to reduce infections associated with heart devices like pacemakers and defibrillators. It is coated with a polymer that begins to break down after it is placed inside a patient's body, and the breakdown of the polymer releases two drugs that treat infections. Tyrx says it launched the device in 2008.
Shares of Minneapolis-based Medtronic Inc. rose $1.18, or 2 percent, to $59.52 in afternoon trading.