US-based monitoring devices firm Edwards Lifesciences has completed the acquisition of Israel-based Valtech Cardio for approximately $340m.

Under the terms of the merger agreement initiated in last November, Edwards rendered $340m in stock and cash at closing, subject to adjustments.

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An additional potential for approximately $350m in pre-specified milestone-driven payments over the next 10 years is estimated.

"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."

Edwards chairman and chief executive officer Michael Mussallem said: "We look forward to the Valtech team joining Edwards.

"We believe their knowledge, experience and the Cardioband technology are valuable additions to Edwards.

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"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."

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Valtech is the developer of the Cardioband System designed for the transcatheter repair of the mitral and tricuspid valves.

The system combines a reconstruction implant as well as uses a catheter inserted into the femoral vein and delivered through a transseptal approach across the septum of the heart.

While the Cardioband technology has secured CE Mark in Europe, it is yet to be approved in the US.

Valtech intends to additionally spin off its early-stage transseptal mitral valve replacement technology programme, to which Edwards will retain an option to acquire along with its associated intellectual property.

Edwards Lifesciences develops medical equipment for structural heart disease, as well as critical care and surgical monitoring.