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Edwards Lifesciences to acquire rights to transcatheter mitral, tricuspid valve repair systems

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Edwards Lifesciences announced it will acquire a company that has developed a system for transcatheter repair of the mitral and tricuspid valves.

To buy Valtech Cardio Ltd., Edwards will pay $340 million in stock and cash when the deal closes, and will pay up to $350 million in prespecified milestone payments for the following 10 years, according to a press release issued by Edwards.

The system (Cardioband System) works by inserting a catheter into the femoral vein and delivering it via a transseptal approach and features a segmental deployment enabling conformation with the patient’s annual geometry, according to the release.

The device received a CE mark for mitral valve repair in 2015 and a CE mark trial is ongoing for a tricuspid application of the device, the company stated in the release. The device is not yet approved for use in the United States.

Under terms of the deal, Valtech will spin off its early-stage transseptal mitral valve replacement technology program, but Edwards will have an option to acquire it, according to the release.