Edwards Acquires CardiAQ for Up to $400 Million
Edwards Lifesciences has completed the acquisition of CardiAQ Valve Technologies for around $400 million, giving it access to CardiAQ’s proprietary transcatheter mitral valve replacement system.
Irvine, Calif.-based CardiAQ received FDA approval in April to conduct an early feasibility study of the device in up to 20 patients. The company also plans to initiate a CE mark study in Europe.
Under the terms of the deal, Edwards paid CardiAQ $350 at closing and will pay another $50 million as European regulatory milestones are reached.
The acquisition builds on Edwards’ existing transcatheter mitral valve program, which includes the Fortis system. When it announced the CardiAQ buyout in July, Edwards also noted it had reached agreement with the FDA for protocol changes in its Fortis clinical trial after blood clots in some patients caused the trial to be halted in May. — Michael Cipriano