Hangzhou, China-based Venus Medtech will acquire 100% equity interest and corresponding equity at a consideration of $300 million, with payments of the consideration coming in installments subject to the completion of certain milestones.
According to a news release, Venus aims to use the acquisition of Israel-based Cardiovalve to expand its product layout of mitral valve replacement and tricuspid valve replacement, enhancing its product pipeline and accelerating its internationalization.
Cardiovalve designed its independently developed Cardiovalve System as a transcatheter interventional replacement product for patients suffering from mitral or tricuspid regurgitation. The company said its transfemoral approach improves safety and its 55mm annuli is suitable for 95% of the patient population with a short frame designed to lower the risk of LVOT obstruction.
The mitral regurgitation treatment system is currently in clinical trials in Europe as well as an early feasibility study in the U.S., while the tricuspid regurgitation system has FDA breakthrough device designation.
“The acquisition of Cardiovalve will create synergy with the company’s existing product layout and will further consolidate the company’s leading position in the field of structural heart disease in China and globally,” Venus MedTech CEO Eric Zi said in the release. “This is in line with the long-term vision of Venus Medtech to innovate and commercialize globally. We believe that the Cardiovalve system will promote innovation in Venus and provide more innovative treatments for doctors and patients worldwide.”