January 25, 2017 — Edwards Lifesciences Corp. announced that it has closed its acquisition of Valtech Cardio Ltd., developer of the Cardioband System for transcatheter repair of the mitral and tricuspid valves. Edwards announced in November that it had signed an agreement to acquire Valtech.
Under the terms of the merger agreement, Edwards paid $340 million in stock and cash for Valtech at closing, subject to typical adjustments. In addition, there is the potential for up to $350 million in pre-specified milestone-driven payments over the next 10 years. Edwards' financial guidance provided at its Investor Conference in December incorporated the expected financial impact of the transaction in 2017.
The Cardioband System is not approved for sale in the United States. The mitral application of the Cardioband System has received CE Mark in Europe.
Read the article “Transcatheter Annuloplasty For Repair Versus Replacement in Functional Mitral Regurgitation,” which is about use of the Cardsioband system.
For more information: www.edwards.com