IRVINE, Calif., Dec. 6, 2017 /PRNewswire/ -- Edwards Lifesciences Corporation (NYSE: EW), the global leader in patient-focused innovations for structural heart disease and critical care monitoring, today announced the acquisition of Harpoon Medical, Inc., a privately held medical technology company pioneering beating-heart repair for degenerative mitral regurgitation (DMR). Edwards announced a structured upfront investment in Harpoon in 2015, with an exclusive option to acquire the company.
Under the terms of the merger agreement, Edwards paid $100 million in cash for Harpoon at closing on Dec. 1. In addition, there is the potential for up to $150 million in pre-specified milestone-driven payments over the next 10 years.
"We believe the addition of Harpoon Medical's technology and talented team will enable even more opportunities to help patients with degenerative mitral regurgitation," said Bernard Zovighian, Edwards' corporate vice president, surgical heart valve therapy. "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."
The HARPOON system is designed to facilitate echo-guided repair of mitral valve regurgitation, by stabilizing the prolapsed mitral valve leaflet to restore proper coaptation and valve function. The HARPOON device is currently investigational and not available for commercial use. It is expected to receive CE Mark approval soon.
"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," said device inventor James S. Gammie, M.D., chairman of the company's scientific advisory board and professor and chief of cardiac surgery at the University of Maryland School of Medicine. "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."
Edwards will discuss the HARPOON technology further at its annual Investor Conference on Dec. 7.
Dr. Gammie had an equity interest in Harpoon Medical, and will serve as a consultant to Edwards Lifesciences.
About Edwards Lifesciences
Edwards Lifesciences, based in Irvine, Calif., is the global leader in patient-focused medical innovations for structural heart disease, as well as critical care and surgical monitoring. Driven by a passion to help patients, the company collaborates with the world's leading clinicians and researchers to address unmet healthcare needs, working to improve patient outcomes and enhance lives. For more information, visit www.Edwards.com and follow us on Twitter @EdwardsLifesci.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include, but are not limited to, statements by Mr. Zovighian and Dr. Gammie and statements regarding expected product benefits, future procedural outcomes and timing of CE Mark. Forward-looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though they are inherently uncertain and difficult to predict. Our forward-looking statements speak only as of the date on which they are made and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement.
Forward-looking statements involve risks and uncertainties that could cause the roll-out and benefits of the technology to differ materially from those expressed or implied by the forward-looking statements based on a number of factors including but not limited to unexpected outcomes after longer-term clinical experience, or unexpected changes or delays related to regulatory clearance, reimbursement, product manufacturing or clinical practice. These factors are detailed in the company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31, 2016. Our filings, along with important product safety information, are available at www.Edwards.com.
Edwards, Edwards Lifesciences, the stylized E logo, HARPOON, Harpoon Medical, and Harpoon Medical & logo are trademarks of Edwards Lifesciences Corporation or its affiliates. All other trademarks are the property of their respective owners.
SOURCE Edwards Lifesciences Corporation