Buyer: Edwards Lifesciences
Seller: Harpoon Medical
Sector: Medical Device
Edwards Lifesciences (NYSE:EW) has acquired mitral valve repair developer Harpoon Medical for $100 million in cash, with the potential for an additional $150 million in milestone payments over 10 years.
Harpoon is developing a system designed to enable echo-guided repair of mitral valve regurgitation through the stabilization of prolapse leaflets to restore coaptation and valve function.
The device is currently investigational, though Harpoon is hopeful it will receive CE Mark approval in the European Union in the near future.
“We believe the addition of Harpoon Medical’s technology and talented team will enable even more opportunities to help patients with degenerative mitral regurgitation. The unique beating-heart repair procedure for mitral valve patients complements Edwards’ comprehensive portfolio of treatments for structural heart disease, and reinforces our commitment to innovation in cardiac surgery,” Edwards surgical heart valve therapy VP Bernard Zovighian said in a prepared statement.
The deal comes two years after Edwards made a structured investment in Harpoon and gained an exclusive option to acquire the company.
“There are a significant number of patients currently undergoing mitral valve surgery that we believe can benefit from Harpoon’s therapy during a minimally invasive, beating-heart procedure. This therapy offers the potential for earlier treatment of degenerative mitral valve disease with faster recovery and less morbidity, while also providing the opportunity for more consistent procedures and outcomes for patients,” Harpoon scientific advisory board chair and device inventor Dr. James Gammie of the University of Maryland School of Medicine said in a prepared release.
The new acquisition and its mitral valve repair technology, which is designed to reduce the amount of time required for mitral valve surgery from 3 to 6 hours down to 60 minutes, will join mitral valve replacement tech being developed by previously acquired CardiAQ Valve Technologies.