IRVINE, Calif., Aug. 26, 2015 /PRNewswire/ -- Edwards Lifesciences Corporation (NYSE: EW), 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 million to 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.
About Edwards Lifesciences
Edwards Lifesciences is the global leader in the science of heart valves and hemodynamic monitoring. Driven by a passion to help patients, the company partners with clinicians to develop innovative technologies in the areas of structural heart disease and critical care monitoring, enabling them to save and enhance lives. Additional company information can be found at www.edwards.com.
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 Michael Mussallem, expectations regarding the impact of the transaction on the company's financial results, and anticipated outcomes of the clinical development of mitral valve replacement technologies. 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 actual results 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 costs or financial impacts of the transaction, unanticipated outcomes after more expanded clinical experience with the devices, unexpected changes or delays related to product supply, potentials for unexpected regulatory or quality developments, competitive dynamics, global economic conditions and customer acceptance. 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, 2014.
Edwards, Edwards Lifesciences, the stylized E logo, Edwards FORTIS and FORTIS are trademarks of Edwards Lifesciences Corporation. All other trademarks are the property of their respective owners.
SOURCE Edwards Lifesciences Corporation