Israel’s Valtech Cardio Acquired by Edwards Lifesciences for $1 billion
Edwards Lifesciences Corporation is acquiring Israeli valve repair device company Valtech Cardio Ltd. Valtech developed the Cardioband System for transcatheter repair of the mitral and tricuspid valves. Edwards will pay Valtech $340 million in stock and cash at closing, with the potential for up to $350 million in milestone payments over the next 10 years and $300 million more for Valtech’s early-stage transseptal mitral valve replacement technology program.
Valtech Cardio was founded in 2016 by CEO Amir Gross, Yossi Gross, and Peregrine Ventures headed by Eyal Lifshitz and Boaz Lifshitz. Based in Or Yehuda near Tel Aviv, the company has raised $70 million to date. Last year HeartWare signed an agreement to buy the company for $840 million but pulled out of the deal in January.
To read the full release, click here.