Edwards Lifesciences has acquired US-based developer of a transcatheter mitral valve (TMV) replacement system, CardiAQ Valve Technologies for $400m.
Under terms of the agreement, Edwards paid $350m in cash for CardiAQ at the closing of the transaction, and will also pay an additional $50m upon achievement of a European regulatory milestone.
The deal was first announced by both companies in July.
Edwards chairman Michael Mussallem said: "We believe the combined knowledge and efforts of the talented CardiAQ and FORTIS transcatheter mitral valve system teams will help us advance a therapy that offers a meaningful solution for patients.
"We look forward to the CardiAQ team joining Edwards."
CardiAQ developed a proprietary TMV implant, which holds the capability to be delivered through multiple delivery systems, including Transfemoral and Transapical.
The implant's unique anchoring mechanism engages and uses the patient's native mitral valve anatomy, helping physicians to fix a new mitral valve within a beating heart without circulatory support and avoids open-heart surgery.
In July, the US Food and Drug Administration granted investigational device exemption (IDE) approval to the company to carry out an early feasibility study of up to 20 patients. The firm also intends to conduct a CE Mark study in Europe.
The CardiAQ procedures, which are designed to be performed in a cardiac catheterisation laboratory or hybrid operating room, are claimed to result in less trauma to the patient and bring substantial potential cost-savings to the healthcare system.
According to the company, the CardiAQ and Fortis valve systems have not yet received approval to market in any country.