Edwards Acquires CardioVations Line for $27 Million
November 13, 2007 - Edwards Lifesciences Corp., a heart valve provider, will acquire certain assets of the CardioVations Division of Ethicon Inc. for $27 million to expand its portfolio of minimally invasive surgical offerings.
CardioVations’ product line includes the PORT-ACCESS products, such as the proprietary EndoCPB and EndoDirect systems for minimally invasive heart valve surgery, including soft tissue retractors, venous and arterial cannulae, vent and coronary sinus catheters and reusable instruments for performing port-access cardiac valve procedures. The CardioVations product line is expected to generate sales of more than $20 million in 2008.
The purchase price of approximately $27 million includes inventory, related intellectual property rights and the assumption of certain liabilities. It is not expected to have an impact on earnings in 2008 and will be accretive thereafter. The acquisition is anticipated to close by the end of 2007, subject to customary closing conditions.
The PORT-ACCESS system allows surgeons to perform minimally invasive heart valve operations through small openings, or “ports,” in the spaces between the ribs, rather than opening a patient’s chest.
For more information: www.edwards.com