Edwards Lifesciences has completed the acquisition of US-based CardiAQ Valve Technologies, for around $400m.
The deal was first announced by both firms in July this year.
As part of the deal, CardiAQ has received $350m in cash and is eligible to secure an additional $50m based on achievement of a European regulatory milestone.
Based in Irvine of California, CardiAQ is the developer of a transcatheter mitral valve (TMV) replacement system.
Edwards Lifesciences chairman and CEO Michael Mussallem said: "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."
CardiAQ has developed a proprietary TMV implant, which holds capability to be delivered through multiple delivery systems.
The implant’s unique anchoring mechanism engages and utilizes the patient’s native mitral valve anatomy, helping physicians to fix a new mitral valve within a beating heart without circulatory support and avoids open-heart surgery.
The US Food and Drug Administration granted investigational device exemption (IDE) approval for the product to carry out an early feasibility study of up to 20 patients. The firm also intends to conduct a CE Mark study in Europe.
According to the company, the CardiAQ and Fortis valve systems have not yet received approval to market in any country.
Image: Edwards Lifesciences has acquired CardiAQ Valve Technologies in the US. Photo: courtesy of PinkBlue / FreeDigitalPhotos.net.