Katie Szyman

Katie Szyman

Irvine’s Edwards Lifesciences Corp. (NYSE:EW) is paying $100 million to buy CAS Medical Systems Inc. (Nasdaq: CASM), a Branford, Conn.-based maker of a device used to monitor tissue oxygen levels in the brain.

The all-cash deal should close next quarter.

CAS Medical’s technology “provides an important indicator of oxygen levels in the brain, which can enhance clinician decision-making,” said Katie Szyman, Edwards' corporate vice president, critical care, in a statement.

The company’s products “will strengthen Edwards' leadership in smart monitoring technologies by providing physicians with a more comprehensive status of their surgical and critically ill patients,” she said.

Edwards’ stock was up about 2% on the news, close to its all-time high.

Orange County’s largest public company counts a market value of nearly $37 billion.