Healthcare Industry News: Edwards Lifesciences
News Release - November 5, 2007
Edwards Lifesciences to Acquire CardioVations Product Line of EthiconTransaction Expands Edwards' Portfolio of Minimally Invasive Surgical Offerings
IRVINE, Calif., Nov. 5 (HSMN NewsFeed) -- Edwards Lifesciences Corporation (NYSE: EW ), the world leader in the science of heart valves, announced today that it has entered into a definitive agreement to acquire certain assets of the CardioVations Division of Ethicon, Inc. CardioVations' product line includes the PORT-ACCESS products, such as the proprietary EndoCPB and EndoDirect systems for minimally invasive heart valve surgery, including soft tissue retractors, venous and arterial cannulae, vent and coronary sinus catheters, and reusable instruments, for performing port-access cardiac valve procedures. The CardioVations product line is expected to generate sales of more than $20 million in 2008.
The purchase price of approximately $27 million includes inventory, related intellectual property rights and the assumption of certain liabilities. It is not expected to have an impact on earnings in 2008 and will be accretive thereafter. The acquisition is anticipated to close by the end of 2007, subject to customary closing conditions.
"CardioVations' unique products and procedural approach allow surgeons to do minimally invasive mitral valve repair and replacement and give our surgical partners new avenues to optimize patient outcomes," said Anita Bessler, Edwards' corporate vice president, heart valve and cardiac surgery systems. "This technology also complements Edwards' innovative aortic valve replacement technology for minimally invasive procedures and extends Edwards' leadership in valve replacement and repair."
The PORT-ACCESS system allows surgeons to perform minimally invasive heart valve operations through small openings, or "ports," in the spaces between the ribs, rather than opening a patient's chest.
About Edwards Lifesciences
Edwards Lifesciences, a leader in advanced cardiovascular disease treatments, is the number-one heart valve company in the world and the global leader in acute hemodynamic monitoring. Headquartered in Irvine, Calif., Edwards focuses on specific cardiovascular disease states including heart valve disease, peripheral vascular disease and critical care technologies. The company's global brands, which are sold in approximately 100 countries, include Carpentier-Edwards, Cosgrove-Edwards, FloTrac, Fogarty, LifeStent, PERIMOUNT Magna and Swan-Ganz. Additional company information can be found at http://www.edwards.com.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include, but are not limited to the ability of this transaction to generate sales and impact earnings and, more generally, the ability to consummate targeted technology investments and acquisitions. Forward-looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though they are inherently uncertain and difficult to predict.
Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Factors that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements are detailed in the company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31, 2006.
Edwards is a trademark of Edwards Lifesciences Corporation. Edwards Lifesciences, the stylized E logo, Carpentier-Edwards, Cosgrove-Edwards, FloTrac, Fogarty, PERIMOUNT Magna and Swan-Ganz are trademarks of Edwards Lifesciences Corporation and are registered in the United States Patent and Trademark Office. LifeStent is a trademark of Edwards Lifesciences AG and registered in the United States Patent and Trademark Office.
PORT ACCESS* is a trademark of ETHICON, Inc -- along with other brands in PORT ACCESS portfolio.
Source: Edwards Lifesciences
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