Edwards Lifesciences Purchasing Valtech Cardio for $340M

November 28, 2016

2 Min Read
Edwards Lifesciences Purchasing Valtech Cardio for $340M
Valtech Cardio at a European event. Image courtesy of Valtech Sweden

Critical care monitoring and structural heart disease innovations provider Edwards Lifesciences Corp. announced Monday that it has entered an agreement to acquire Israeli firm Valtech Cardio for $340 million in stock and cash.

“As we continue to pursue multiple therapies to address the diverse needs of patients affected by heart valve disease, we saw an important opportunity to incorporate Valtech’s technologies into our comprehensive heart valve repair and replacement portfolio,” said Michael A. Mussallem, chairman and chief executive officer of Edwards, in a statement. “We recognize that physicians will likely need a toolbox of options to treat their patients most effectively. We are very pleased with the progress and future prospects of the multiple internal programs we have underway, and we believe the addition of Valtech’s talented team and mitral and tricuspid technologies will present even more opportunities to help patients.”

Valtech is the developer of the Cardioband System, which is used for transcatheter repair of the mitral and tricuspid heart valves. In 2015, the system received a CE Mark approval for European sales, and the company is undergoing a similar process now to gain approval for a smaller version of the device in Europe. Currently Valtech’s technology is not available in the U.S.

Edwards expects the transaction to be completed in early 2017 pending regulatory approval. While the purchase price was set at $340 million, Edwards’ press release noted that an additional $350 million is potentially slated for pre-specified milestone-driven payments during the next decade. As the transaction gets underway, Valtech is releasing an early-stage transseptal mitral valve replacement technology program, which Edwards will have the option of acquiring, along with its associated intellectual property.

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