The Or Yehuda based company has developed a device that repairs heart valves.
As reported in Globes:
US company Edwards Lifesciences Corporation (NYSE: EW) is acquiring Israeli valve repair device company Valtech Cardio Ltd. The company has developed the Cardioband System for transcatheter repair of the mitral and tricuspid valves in the heart. 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.
The Cardioband System combines a reconstruction implant, similar to a surgical annuloplasty mitral valve repair device, with a transcatheter approach.
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.
Edwards chairman and CEO Michael A. 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 recognize 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.”
Cardiovascular diseases are a major health concern in Australia, affecting around 1 in 6 of the population.
Israel Trade and Economic Commission in Sydney, Australia 