Medtronic eyes more investment in Israel
Medtronic‘s (NYSE:MDT) chief executive Omar Ishrak travelled to Israel on Sunday with a team of senior executives to reportedly meet with some of the firms that the medtech giant has recently acquired, including Mazor Robotics and Nutrino. Ishrak is also scheduled to meet with Israel’s prime minister Benjamin Netanyahu and Eli Cohen, the minister of economy and industry. Also on this week’s trip, Medtronic reportedly signed a deal with the Israel Innovation Authority to support a new centre focused on research and development.
The company has long signalled interest in the Israeli medtech arena and this year it has doubled down. Earlier this month, Medtronic announced it would pay an undisclosed amount to purchase Israel-based nutrition tech firm Nutrino. In September, Medtronic put $1.6 billion on the table to buy Mazor Robotics, a surgical robotics company that Medtronic has held a stake in since 2016. After the Nutrino acquisition earlier this month, Medtronic’s country director for Israel Yaron Itzhari reportedly said it would not be the company’s last purchase in Israel.