Edwards Lifesciences Corporation, a provider of patient-focused innovations for structural heart disease and critical care monitoring, has completed its acquisition of Harpoon Medical Inc., a medical technology company specializing in beating-heart repair for degenerative mitral regurgitation (DMR).
Edwards completed the transaction for the Baltimore-based company with a $100 million cash payment at closing on December 1, and may potentially pay an additional $150 million in prespecified payments based on milestone achievements over the next ten years.
“Among the areas of focus for Edwards' surgical heart valve therapy business is the transformation of mitral valve surgery, as well as the commitment to innovation in cardiac surgery,” Bernard Zovighian, corporate vice president of surgical heart valve therapy at Edwards, told HCB News. “We seek to connect our pipeline to patient needs, and we know that patients with degenerative mitral regurgitation can benefit from a procedure such as Harpoon, which eliminates bypass and reduces invasiveness.”
Edwards made its interest in acquiring Harpoon public in 2015 through its announcement of a structured upfront investment with an exclusive option to buy the company.
Edwards has extended the opportunity to continue working to Harpoon Medical employees, and through the acquisition gains access over Harpoon Medical technology, including its HARPOON System, an image-guiding tool designed for beating-heart repair procedures in DMR patients.
The system utilizes technology developed by researchers at the University of Maryland School of Medicine, and was recently declared
safe and effective in a study published in the Journal of the American College of Cardiology.
Zovighian says the addition of the system expands Edwards’ patient reach in cardiac surgery innovation.
“We believe there are patients receiving surgery today who could be treated with the Harpoon system, estimating that approximately 40 percent of degenerative mitral regurgitation surgeries could be addressed with Harpoon,” he said.
Integration has already begun and will be the focus of Edwards throughout the first half of 2018.
The HARPOON system is currently investigational and is not available for sale.