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Edwards Lifesciences Corp. in Irvine will buy Valtech Cardio Ltd in Or Yehuda, Israel, for $340 million in a cash and stock deal expected to close early next year.

Milestone payments over the next 10 years could add $350 million to the price for Valtech’s mitral and tricuspid valve repair technology.

Valtech will spin off its mitral valve replacement technology before the acquisition closes.

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Edwards also took an option to buy that technology, bringing its total investment to be about $1 billion.

Privately held Valtech had raised about $100 million in backing from Peregrine Ventures, OXO Capital Valve Ventures, and NGN Capital, a news report said.

“We saw an important opportunity to incorporate Valtech’s technologies into our comprehensive heart valve repair and replacement portfolio,” Edwards Chairman and Chief Executive Michael Mussallem said in a statement today.

Edwards makes transcatheter heart valves; delivery systems for nonsurgical heart valve replacement; pericardial valves for aortic and mitral valve replacement; and related products.

Valtech Cardio has developed a system for transcatheter repair of mitral and tricuspid heart valves. The Valtech spinoff Edwards has an option to buy is developing a system for transseptal mitral valve replacement.

Edwards is the largest publicly traded company based in Orange County, with a market cap of about $18 billion. It had net income last year of $636 million on revenue of $2.5 billion.

Framingham, Mass.-based HeartWare International Inc. in January abandoned a deal to buy Valtech for $425 million in stock and $375 million in milestone payments. An activist investor had opposed the acquisition.

Medtronic Plc, based in Dublin and with U.S. operations run from Minneapolis, bought HeartWare in August for about $1.1 billion.