Edwards Lifesciences (NYSE: EW) today announced that it has exercised its option to acquire an early-stage Israeli transvascular coronary angioplasty company Inovalife Biomedical IndustriesNo financial details were disclosed, but the acquisition is estimated to be worth hundreds of millions of dollars.
Innovalve was founded at the Sheba Medical Center in Tel Hashomer by Prof. Ehud Raanani and Dr. Boris Orlov, and is led by CEO Eyal Baror, who previously served as CEO of Neuronix and PerfAction Technologies. In 2017, Innovalve signed a technology agreement with Edwards Lifesciences, even before it was officially incorporated as a company in 2018.
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Edwards has previously acquired two Israeli companies: heart valve developer PVT for $125 million in 2004, which had its development center in Israel, and Valtech Cardio in 2017 for $340 million. Edwards’ development center in Israel has hundreds of employees and the company is heavily involved in collaboration efforts in the Israeli medical device market.
Edwards says the acquisition enhances its transcatheter mitral valve replacement (TMVR) technology to address unmet needs for patients with structural heart disease and support long-term sustainable growth. Innovalve will join the company’s transcatheter mitral and tricuspid valve therapies (TMTT) product portfolio, led by the company’s executive vice president, Davin Chopra.
“Based on what we have learned about the complexity of mitral valve disease, we know that a diverse range of therapies is needed for these patients,” said Chopra. “Edwards’ SAPIEN M3 remains on track to become the first approved transfemoral mitral valve replacement system in Europe by the end of 2025. We believe Innovalve’s technologies, combined with Edwards’ deep mitral valve expertise, will enable the creation of a mitral valve replacement platform that will expand the population that can be treated.”
Innovalve has so far raised $30 million from investors including Our Crowd, Alive VC, and CBG Group, led by Vincent Tchenguiz, an early investor in the company with a 5.5% direct stake, and an additional stake through Alive VC. The company has 50 employees, all based in Israel, and its TMVR system has received FDA approval.
This article was published in Globes, Israeli Business News – en.globes.co.il – on July 15, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
