IRVINE, Calif., Jan. 23, 2017 /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 closed its
acquisition of 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. 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.
"We look forward to the Valtech team joining Edwards. We
believe their knowledge, experience and the Cardioband technology
are valuable additions to Edwards," said Michael A. Mussallem, Edwards' chairman and
CEO. "This therapy has the potential to be a breakthrough
structural heart therapy to help many patients in desperate need,
and we look forward to gaining valuable insights from its
commercial use in Europe."
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.
About Edwards Lifesciences
Edwards Lifesciences, based
in Irvine, Calif., is the global
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,
milestone payments, and the impact of the transaction on Edwards'
financial results. 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 commercialization, 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 and new product approvals.
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 about our products, 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/edwards-lifesciences-completes-acquisition-of-valtech-cardio-300394911.html
SOURCE Edwards Lifesciences Corporation