Medtronic to buy Restore Medical for $29 million
MINNEAPOLIS — Medical device maker Medtronic says it has agreed to buy Restore Medical of Roseville for $29 million.
Restore Medical’s major product is the Pillar Palatal Implant System, which treats snoring and mild to moderate sleep apnea by stiffening the soft palate at the back of the mouth. The company ran into financial trouble this year with auction-rate securities.
Fridley-based Medtronic will pay $1.60 per share, almost three times Restore’s closing price Tuesday of 55 cents a share.
The company went public in May 2006, but its share price sank steadily as it struggled to overhaul its sales force.