Edwards Lifesciences to buy heart device maker CardiAQ Valve Technologies

Edwards Lifesciences Corp, a US-based maker of tissue heart valves today struck a deal to buy privately held heart device maker CardiAQ Valve Technologies Inc for up to $400 million.

The purchase price of $400 million includes $350 million in cash at closing, and the remainder payable upon achievement of a certain European regulatory milestone.

CardiAQ has developed a proprietary transcatheter mitral valve implant that can be delivered through multiple delivery systems.

Through its unique anchoring mechanism that engages and utilises the patient's native mitral valve anatomy, physicians will be able to implant a new mitral valve within a beating heart without circulatory support, thus avoiding open-heart surgery.

CardiAQ has received a US Food and Drug Administration Investigational Device Exemption approval to conduct an early feasibility study of up to 20 patients, and also plans to initiate a CE Mark study in Europe.

The Irvine, California-based company is backed by healthcare services company OrbiMed – its largest shareholder, and other venture investors like Broadview, Advent and Versant.

"CardiAQ is proud of our pioneering efforts in the early development of this transcatheter mitral valve therapy conceived by cardiac surgeon Arshad Quadri, M.D. We believe our technology, which incorporates multiple delivery approaches with a single valve, shows great promise for patients," said Rob Michiels, CEO of CardiAQ.