Edwards Lifesciences has closed its previously announced acquisition of Valtech Cardio, developer of the Cardioband system for transcatheter repair of the mitral and tricuspid valves.
Under the terms of the merger agreement, Edwards paid US$340 million in stock and cash for Valtech at closing, subject to typical adjustments. In addition, there is the potential for up to US$350 million in pre-specified milestone-driven payments over the next 10 years.
“We look forward to the Valtech team joining Edwards. We believe their knowledge, experience and the Cardioband technology are valuable additions to Edwards,” says Michael A Mussallem, Edwards’ chairman and chief executive officer.
The mitral application of the Cardioband system has received CE mark in Europe.