Blog Tag: heart valve replacement
According to PRNewswire, Edwards Lifesciences Corporation recently completed its acquisition of CardiAQ Valve Technologies, Inc, a developer of transcatheter mitral valve replacement systems, which follows from Edwards’ acquisition agreement announced last month. The article reports that Edwards paid $350 million cash for CardiAQ at closing, with an additional $50 million to be paid upon reaching a European regulatory milestone.
Michael Mussallem, Edwards’ Chairman and CEO, stated:
We look forward to the CardiAQ team joining Edwards. We believe the combined knowledge and efforts of the talented CardiAQ and [Edwards’ own] FORTIS transcatheter mitral valve system teams will help us advance a therapy that offers a meaningful solution for patients.
Marketwatch reports that none of CardiAQ’s valve systems are presently approved for sale in any country. However, according to PRNewswire CardiAQ has received U.S. FDA Investigation Device Exemption approval to conduct an early feasibility study of up to 20 patients, and also plans to initiate a CE Mark study in Europe.
Medtronic recently agreed to pay up to $458 million for California-based Twelve, Inc., a privately-held developer of transcatheter mitral valve replacement devices. The terms of the deal include $408 million at closing and $50 million on achievement of CE Marking. The deal is expected to close in October 2015.
Medtronic now joins fellow multi-billion dollar med-tech giants, Edwards Lifesciences and Abbott Laboratories, in the race to stake a claim in the transcatheter mitral valve device space. In July, Edwards paid $400 million for CardiAQ Valve Technologies, a transaction that just recently closed, and Abbott acquired Tendyne Holdings, Inc. for $250 million.
Medtronic presently offers two transcatheter heart valves: “CoreValve Evolut R” for aortic valve replacement and “Melody” for pulmonary valve replacement. Sean Salmon, SVP and President of Medtronic’s Coronary & Structural Heart division stated:
Upon close, this acquisition will strategically augment our existing capabilities in the transcatheter mitral space, which represents an important growth opportunity for Medtronic.
Medtronic’s Coronary & Structural Heart division accounted for nearly $3 billion of the company’s $17 billion FY2014 revenue. The planned acquisition of Twelve suggests that Medtronic seeks to aggressively increase its market-share.