Edwards Lifesciences (NYSE: EW) today announced that it is exercising its option to buy Israeli early stage minimally invasive trans-catheter mitral company Innovalve Bio Medical. No financial details were disclosed but the value of the acquisition is estimated at more than $300 million.
Innovalve was founded at Sheba Medical Center in Tel Hashomer by CSO Prof. Ehud Raanani and Dr. Boris Orlov and is managed by CEO Eyal Baror who was previously CEO of Neuronix and PerfAction Technologies. In 2017 Innovalve signed a technology agreement with Edwards Lifesciences, even before it was officially founded as a company in 2018.
Edwards has previously acquired two Israeli companies: heart valve developer PVT for $125 million in 2004, around which Edwards Israel development center was based; and Valtech Cardio in 2017 for $340 million. Edwards development center in Israel has hundreds of employees and the company is deeply involved in collaboration efforts in the Israeli medical device market.
Edwards says that the acquisition enhances its trans-catheter mitral valve replacement (TMVR) technologies to address large unmet structural heart patient needs and support sustainable long-term growth. Innovalve will join the trans-catheter mitral and tricuspid therapies (TMTT) product group, led by corporate vice president, Daveen Chopra.
Chopra said, "Building on our learnings of the complexity of mitral disease, we know there is a need for a differentiated range of therapies for these patients. Edwards’ SAPIEN M3 remains on track to become the first approved trans-femoral TMVR system in Europe by the end of 2025. We believe the Innovalve technologies, paired with Edwards’ deep mitral expertise, will enable a TMVR platform that will expand the treatable population."
Innovalve has raised $30 million to date from investors including Our Crowd, Alive VC and CBG Group headed by Vincent Tchenguiz, one of the initial investors in the company with a 5.5% stake directly, and an additional stake through Alive VC. The company has 50 employees, all of them in Israel and its TMVR system has received FDA approval for clinical trials
Published by Globes, Israel business news - en.globes.co.il - on July 15, 2024.
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