by Hezi Sternlicht, Israel Hayom Staff and News Agencies
U.S.-based medical device developer HeartWare International acquires Valtech Cardio, which develops heart valve repair and replacement technology • Deal lauded as one of the most successful exits for an Israeli biomedical company.
Valtech Cardio develops
innovative surgical instruments
|
Photo credit: Valtech  |
Israeli medical startup Valtech Cardio
announced Wednesday that it had been acquired by global medical device
developer HeartWare International. The deal is estimated at $920
million, making it one of the most successful exits for an Israeli
biomedical company.
Based in Or Yehuda, in central Israel, Valtech
was founded in 2006 by Amir and Yossi Gross, and has 50 employees. The
privately held company develops innovative surgical and trans-catheter
valve repair and replacement devices, used primarily for the treatment
of the most prevalent heart valve diseases, mitral valve regurgitation
and tricuspid valve regurgitation, and has over 130 patents and patent
applications to its name.
Mitral valve regurgitation, also known as
mitral insufficiency, is a disorder in which the mitral valve on the
left side of the heart does not close properly, allowing blood to flow
back from the left ventricle into the left atrium. If untreated, the
disease can lead to significant cardiac function deterioration and
eventually death. Tricuspid regurgitation is a disorder in which this
valve fails to close tightly, causing blood to leak into the right upper
heart chamber when the lower chamber contracts.
The Peregrine venture capital fund was the
initial Valtech investor, and was later joined by OXO Capital Valve
Ventures and NGN Biomed Opportunity. Valtech has raised $70 million to
date.
HeartWare, based in Framingham, Massachusetts,
develops noninvasive, miniaturized circulatory support technologies
used in the treatment of heart diseases.
"We have been actively monitoring the mitral
space for several years, given the overlap of patient population and
referral channel with our VAD business," HeartWare CEO Doug Godshall
said in a statement posted on the company's website.
"We identified Valtech as having the broadest,
most compelling portfolio several years ago, which led to an investment
in 2013. This investment gave us a unique opportunity to observe
Valtech's significant progress across their portfolio of valve repair
and replacement technologies. It is from this vantage point that we have
concluded that Valtech's platforms represent the most innovative and
comprehensive portfolio of interventional and surgical products for
mitral and tricuspid repair and replacement in development today.
"Valtech provides HeartWare with commercial-stage
products for mitral repair, as well as a robust technology pipeline, an
advanced R&D center and an impressive, experienced team with a
proven track record. This combination represents an attractive
opportunity for value creation for HeartWare shareholders, customers,
employees and patients by expanding HeartWare's footprint in the
high-growth structural heart market."
Hezi Sternlicht, Israel Hayom Staff and News Agencies
Source: http://www.israelhayom.com/site/newsletter_article.php?id=28053
Copyright - Original materials copyright (c) by the authors.
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