Edwards Lifesciences Corporation today announced it has acquired Harpoon Medical, Inc., following its investment in the company in 2015. Edwards has paid US$100 million (£74.8 million, €85.1 million) for the acquisition.
Edwards focuses on “innovations for structural heart disease and critical care monitoring”, says the company, while the privately held Harpoon produces a beating-heart repair device for degenerative mitral regurgitation (DMR).
“We believe the addition of Harpoon Medical’s technology and [its] talented team will enable even more opportunities to help patients with degenerative mitral regurgitation,” says Edwards’ corporate vice president of surgical heart valve therapy, Bernard Zovighian. “The unique beating-heart repair procedure for mitral valve patients complements Edwards’ comprehensive portfolio of treatments for structural heart disease, and reinforces our commitment to innovation in cardiac surgery,” he comments.
Harpoon Medical’s Harpoon device “is designed to facilitate echo-guided repair of mitral valve regurgitation, by stabilising the prolapsed mitral valve leaflet to restore proper coaptation and valve function.”
While it is expected to receive CE mark approval “soon”, the HARPOON device is not currently available for commercial use.
Device inventor James S Gammie is chairman of Harpoon’s scientific advisory board and professor and chief of cardiac surgery at the University of Maryland’s School of Medicine (College Park, USA). “There are a significant number of patients currently undergoing mitral valve surgery that we believe can benefit from Harpoon’s therapy during a minimally invasive, beating-heart procedure,” Gammie says.
He further adds that the device will provide consistent procedures and outcomes for patients. “This therapy offers the potential for earlier treatment of degenerative mitral valve disease with faster recovery and less morbidity,” he comments.
In 2015, Edwards announced its investment in Harpoon, which included an exclusive option for acquisition. The current acquisition agreement includes payments of up to $150 million based on reaching milestone accomplishments over the next 10 years.
Gammie will now act as a consultant to the California-based Edwards Lifesciences.