Edwards Lifesciences Inc. (NYSE:EW) scooped up Embrella Cardiovascular for a cool $43 million.
Wayne, Pa.-based Embrella makes embolic protection devices used in coronary procedures such as transcatheter valve replacements. Edwards officials said the deal, which closed March 11, will bolster the company’s position in the hot transcatheter valve market.
The Embrella embolic deflector system received the CE Mark in Europe in May 2010. The device is “placed in the aorta through a sheath inserted in the right brachial or right radial artery. Its porous membrane allows blood flow to the brain while simultaneously deflecting embolic material,” according to a press release.
Edwards has had its eyes on Embrella for at least two years. Embrella launched in late 2007 and raised just under $9 million in two funding rounds. The latest, a Series B round of $6.7 million, closed in August 2009. Edwards was an investor in that round, which was led by BioStar Ventures and the MedFocus Fund. Hatteras Venture Partners also participated in the round.
Embrella is led by industry veteran Jeffrey O’Donnell, who was CEO of PhotoMedex for 10 years before joining Embrella in 2009.
Edwards, which also maintained its earnings guidance of between $1.59 billion to $1.67 billion in sales for 2011, said recently that it plans to be an active acquirer of new technology this year.
“We plan to invest aggressively in our future. We’re going to be substantially increasing our R&D by 20 percent [in 2011] and we plan to continue to be a long-term investor,” CEO Michael Mussallem told MassDevice in an early January interview.
Edwards is aiming for a US launch of its Sapien transcatheter valve replacement this fall.