Venus Medtech has announced the acquisition of complete equity interest and corresponding equity in Israel-based Cardiovalve in a deal valued at $300m.
With this acquisition, Venus Medtech aims to optimise its mitral valve and tricuspid valve replacement products pipeline.
Cardiovalve’s transcatheter interventional replacement system is developed to replace regurgitating mitral or tricuspid valves using a transfemoral approach, which significantly improves treatment safety.
The system helps to reduce morbidity and mortality rates associated with other surgical treatment options.
Venus Medtech stated that the acquisition of Cardiovalve will further enhance its product pipeline in the cardiac valve disease treatment area and accelerate expansion into international markets.
Venus MedTech CEO Eric Zi said: “The acquisition of Cardiovalve will create synergy with the company’s existing product layout and will further consolidate the company’s leading position in the field of structural heart disease in China and globally.
“This is in line with the long-term vision of Venus Medtech to innovate and commercialise globally. We believe that the Cardiovalve system will promote innovation in Venus and provide more innovative treatments for doctors and patients worldwide.”
In January last year, Cardiovalve’s device to treat tricuspid regurgitation received the US Food and Drug Administration (FDA) Breakthrough Device Designation, followed by the commencement of an early feasibility study.
The company’s device for the treatment of mitral regurgitation is currently in an early feasibility study in the US and has also entered clinical trials in Europe.
Cardiovalve CEO Amir Gross said: “We believe that cooperation with Venus Medtech will accelerate our development in the global market, especially the Chinese market, and achieve more breakthrough innovations.
“We believe that this agreement is only a first step to a fruitful, long-term relationship in which we will continue to bring multiple innovations to market jointly.”
Last May, Venus Medtech partnered with Opus Medical Therapies to develop, manufacture and market transcatheter mitral valve replacement (TMVR) and transcatheter tricuspid valve replacement (TTVR) products in China.