Edwards Lifesciences Corporationthe global leader in patient-focused innovations for structural heart disease and critical care monitoring, has 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.
Source: Edwards Lifesciences
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