IRVINE, Calif., Nov. 28, 2016 /PRNewswire/ -- Edwards
Lifesciences Corporation (NYSE: EW), the global leader in
patient-focused innovations for structural heart disease and
critical care monitoring, today announced that it has agreed to
acquire Valtech Cardio Ltd., a privately held company based in
Israel and developer of the
Cardioband System for transcatheter repair of the mitral and
tricuspid valves.
The Cardioband System combines a reconstruction implant, similar
to a surgical annuloplasty mitral valve repair device, with a
transcatheter approach. The system utilizes a catheter inserted
into the femoral vein and delivered through a transseptal approach
across the septum of the heart. The direct annuloplasty
system features a unique segmental deployment that conforms to each
patient's specific annular geometry, addressing the needs of
patients with functional mitral regurgitation. In 2015, the
Cardioband transseptal mitral repair system received CE Mark
approval for European sales. Valtech has also initiated a CE
Mark trial for the tricuspid application of a similar version of
this device, which is intended to reduce tricuspid
regurgitation.
"As we continue to pursue multiple therapies to address the
diverse needs of patients affected by heart valve disease, we saw
an important opportunity to incorporate Valtech's technologies into
our comprehensive heart valve repair and replacement portfolio,"
said Michael A. Mussallem, Edwards'
chairman and CEO. "We recognize that physicians will likely
need a toolbox of options to treat their patients most
effectively. We are very pleased with the progress and future
prospects of the multiple internal programs we have underway, and
we believe the addition of Valtech's talented team and mitral and
tricuspid technologies will present even more opportunities to help
patients."
The purchase price of Valtech is $340
million in stock and cash at closing, with the potential for
up to $350 million in additional
pre-specified milestone-driven payments over the next 10
years. Prior to the close of the transaction, which remains
subject to customary closing conditions and is expected in early
2017, Valtech will spin off its early-stage transseptal mitral
valve replacement technology program. Edwards will retain an
option to acquire that program and its associated intellectual
property.
Separately, Edwards' Board of Directors has authorized a new
share repurchase program to acquire up to an additional
$1 billion of the company's
outstanding common shares. Edwards also has $277 million remaining of its current
$750 million share repurchase
program, which was authorized in July 2014. This
authorization enables the company to repurchase shares to offset
the dilution of the Valtech transaction, and continue executing its
share repurchase strategies.
Edwards will provide financial guidance for 2017 and discuss the
Valtech transaction further at its annual Investor Conference on
Dec. 8.
The Cardioband System is not approved for sale in the United States.
About Edwards Lifesciences
Edwards Lifesciences, based in Irvine,
Calif., is the global medical technology leader in
patient-focused medical innovations for structural heart disease,
as well as critical care and surgical monitoring. Driven by a
passion to help patients, the company collaborates with the world's
leading clinicians and researchers to address unmet healthcare
needs, working to improve patient outcomes and enhance lives. For
more information, visit www.Edwards.com and follow us on Twitter
@EdwardsLifesci.
This news release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These forward-looking
statements include, but are not limited to, Mr. Mussallem's
statements and statements regarding expected product benefits,
timing estimates for closing the transaction, conditions to
closing, and the timing, manner and magnitude of share repurchases.
Forward-looking statements are based on estimates and assumptions
made by management of the company and are believed to be
reasonable, though they are inherently uncertain and difficult to
predict. Our forward-looking statements speak only as of the date
on which they are made and we do not undertake any obligation to
update any forward-looking statement to reflect events or
circumstances after the date of the statement. Forward-looking
statements involve risks and uncertainties that could cause actual
results or experience to differ materially from those expressed or
implied by the forward-looking statements based on a number of
factors including but not limited to unexpected impediments or
delays in closing the transaction, unexpected outcomes after more
expanded clinical experience with the devices, unexpected changes
or delays related to product supply, potentials for unexpected
regulatory or quality developments, competitive dynamics, global
economic conditions, and customer acceptance, and uncertainties
regarding clinical trials, new product approvals, and general stock
market conditions. These and other factors are detailed in the
company's filings with the Securities and Exchange Commission
including its Annual Report on Form 10-K for the year ended
December 31, 2015. Our filings,
along with important product safety information, are available at
www.Edwards.com.
Edwards, Edwards Lifesciences and the stylized E logo are
trademarks of Edwards Lifesciences Corporation. All other
trademarks are the property of their respective owners.
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SOURCE Edwards Lifesciences Corporation