Edwards Lifesciences Corporation Completes Acquisition Of CardiAQ

IRVINE, Calif., Edwards Lifesciences Corporation, the global leader in the science of heart valves and hemodynamic monitoring, today announced that it has closed its acquisition of CardiAQ Valve Technologies, Inc., a privately held company and developer of a transcatheter mitral valve replacement system.  Edwards announced last month that it had signed an agreement to acquire CardiAQ.

Under the terms of the merger agreement, Edwards paid $350 million cash for CardiAQ at closing, with an additional $50 millionto be paid upon achievement of a European regulatory milestone. Edwards' financial guidance provided on its second quarter earnings call incorporated the expected financial impact of the transaction in 2015.

"We look forward to the CardiAQ team joining Edwards.  We believe the combined knowledge and efforts of the talented CardiAQ and FORTIS transcatheter mitral valve system teams will help us advance a therapy that offers a meaningful solution for patients," said Michael A. Mussallem, Edwards' chairman and CEO. 

The CardiAQ and FORTIS valve systems are not approved for sale in any country.

Source: Edwards