Transaction Expands Edwards' Portfolio of Minimally Invasive Surgical Offerings
IRVINE, Calif., Nov. 5 / -- Edwards Lifesciences Corporation (NYSE:EW), the world leader in the science of heart valves, announced today that it has entered into a definitive agreement to acquire certain assets of the CardioVations Division of Ethicon, Inc. CardioVations' product line includes the PORT-ACCESS products, such as the proprietary EndoCPB and EndoDirect systems for minimally invasive heart valve surgery, including soft tissue retractors, venous and arterial cannulae, vent and coronary sinus catheters, and reusable instruments, for performing port-access cardiac valve procedures. The CardioVations product line is expected to generate sales of more than $20 million in 2008.
The purchase price of approximately $27 million includes inventory, related intellectual property rights and the assumption of certain liabilities. It is not expected to have an impact on earnings in 2008 and will be accretive thereafter. The acquisition is anticipated to close by the end of 2007, subject to customary closing conditions.
"CardioVations' unique products and procedural approach allow surgeons to do minimally invasive mitral valve repair and replacement and give our surgical partners new avenues to optimize patient outcomes," said Anita Bessler, Edwards' corporate vice president, heart valve and cardiac surgery systems. "This technology also complements Edwards' innovative aortic valve replacement technology for minimally invasive procedures and extends Edwards' leadership in valve replacement and repair."
The PORT-ACCESS system allows surgeons to perform minimally invasive heart valve operations through small openings, or "ports," in the spaces between the ribs, rather than opening a patient's chest.
About Edwards Lifesciences
Edwards Lifesciences, a leader in advanced cardiovascular disease treatments, is the number-one heart valve company in the world and the global leader in acute hemodynamic monitoring. Headquartered in Irvine, Calif., Edwards focuses on specific cardiovascular disease states including heart valve disease, peripheral vascular disease and critical care technologies. The company's global brands, which are sold in approximately 100 countries, include Carpentier-Edwards, Cosgrove-Edwards, FloTrac, Fogarty, LifeStent, PERIMOUNT Magna and Swan-Ganz. Additional company information can be found at http://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/