Edwards Lifesciences Corporation Completes Acquisition of CardiAQ
IRVINE, Calif. - 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.
SOURCE Edwards Lifesciences Corporation
CONTACT: Media, Sarah Huoh, +1-949-250-5070, or Investors, David K. Erickson, +1-949-250-6826, both of Edwards Lifesciences Corporation
Web Site: http://www.edwards.com
