Edwards Lifesciences has agreed to acquire Valtech Cardio, an Israeli developer of the Cardioband System for transcatheter repair of the mitral and tricuspid valves, for $340m.
Additionally, Edwards' board of directors has approved a new share repurchase programme to buy $1bn of the company's outstanding common shares.
The Cardioband System characterises Valtech's product porfolio, which is a reconstruction implant, similar to a surgical annuloplasty mitral valve repair device, with a transcatheter approach.
The system uses a catheter which is inserted into the femoral vein and delivered through a transseptal approach across the septum of the heart.
The direct annuloplasty system involves a segmental deployment that is suited to each patient's specific annular geometry and fitted to the needs of patients with functional mitral regurgitation.
Edwards chairman and CEO Michael Mussallem said: "As we continue to pursue multiple therapies to address the diverse needs of patients affected by heart valve disease, we saw an important opportunity to incorporate Valtech's technologies into our comprehensive heart valve repair and replacement portfolio.
"We recognise that physicians will likely need a toolbox of options to treat their patients most effectively.
"We are very pleased with the progress and future prospects of the multiple internal programs we have underway, and we believe the addition of Valtech's talented team and mitral and tricuspid technologies will present even more opportunities to help patients."
Edwards will pay $340m to Valtech in stock and cash after closing of the transaction, with additional option of the acquired company to receive amount up to $350m conditioned to specified milestone-driven payments over the next ten years.
Valtech will spin off its early-stage transseptal mitral valve replacement technology programme with Edwards retaining an option to acquire that programme and its related intellectual property.
Subject to customary closing terms, the transaction is expected to be completed early next year.
Image: The Cardioband System for transcatheter repair of the mitral valve. Photo: courtesy of Edwards Lifesciences Corporation.