03 April 2023 | Monday | News
Image Source : Public Domain
Medtronic plc (NYSE: MDT) and DaVita Inc. (NYSE: DVA) today announced the launch of Mozarc Medical—an independent new company committed to reshaping kidney health and driving patient-centered technology solutions.
"Mozarc Medical's focus will be on meaningful and innovative kidney health technologies that improve the overall patient experience and increase access to care globally," said Ven Manda, CEO of Mozarc Medical. "At a time when patient preferences are evolving and in-home kidney care is on the rise, Mozarc Medical is uniquely positioned to better serve patients with kidney disease around the world."
Central to the creation of Mozarc Medical is its global workforce, which includes the former Medtronic Renal Care Solutions (RCS) business (now part of Mozarc Medical) and other industry-leading talent hired to advance the new company's strategic mission. In addition to Manda, a 28-year veteran of Medtronic, the former RCS leadership team has also transitioned to serve as Mozarc Medical's leadership team.
"With proven industry leadership, a strong product portfolio and R&D pipeline, and strategic investment from Medtronic and DaVita, Mozarc Medical is well-positioned for long-term success," said Manda. "I look forward to unlocking the full potential of our new company, with a dedicated global team and innovative pipeline that will transform kidney care."
Under the terms of the agreement, which was announced last year, Mozarc Medical is co-owned by Medtronic and DaVita, each with equal equity stakes. Through the first three quarters of Medtronic's fiscal year 2023, the RCS business had revenue of $64 million, $63 million, and $70 million, respectively.
"The launch of Mozarc Medical holds tremendous promise to improve the lives of patients living with kidney disease as it seeks to revolutionize the approach to home dialysis by improving accessibility, ease of use, and clinical performance," said Dr. Mahesh Krishnan, group vice president of research and development at DaVita. "Our investment in this venture is born from our decades-long commitment to advancing kidney care, and our aim is that it will fuel patient-centric solutions that may not have otherwise been possible."