Venus Medtech has announced its acquisition of Cardiovalve, a transcatheter mitral and tricuspid valve treatment company. Venus Medtech will acquire 100% equity interest and corresponding equity at a consideration of US$300 million.
The Acquisition is intended to expand the innovative product layout of mitral valve replacement and tricuspid valve replacement, further enhance the company’s product pipeline in the field of cardiac valve disease treatment, and accelerate its internationalisation, Venus Medtech said in a press release.
Cardiovalve was headquartered in Israel in 2010. Amir Gross, CEO of Cardiovalve founded and led Valtech Cardio until its acquisition in 2017 by Edwards Lifesciences.
The Cardiovalve system is a transcatheter interventional replacement product for patients suffering from mitral or tricuspid regurgitation. Its treatment of mitral regurgitation has entered clinical trials in Europe and is currently in an early feasibility study in the USA.
Furthermore, its device for the treatment of tricuspid regurgitation received ‘Breakthrough Device Designation’ by the US Food and Drug Administration (FDA) in January 2020 and entered an early feasibility study.
“The acquisition of Cardiovalve will create synergy with the company’s existing product layout and will further consolidate the company’s leading position in the field of structural heart disease in China and globally,” says Venus MedTech’s CEO, Eric Zi. ”This is in line with the long-term vision of Venus Medtech to innovate and commercialise globally. We believe that the Cardiovalve system will promote innovation in Venus and provide more innovative treatments for doctors and patients worldwide.”
“We are honoured to be backed by Venus, the leading player in China. We believe that cooperation with Venus Medtech will accelerate our development in the global market, especially the Chinese market, and achieve more breakthrough innovations,” said Amir Gross, CEO of Cardiovalve. “We believe that this agreement is only a first step to a fruitful, long-term relationship in which we will continue to bring multiple innovations to market jointly.”