Edwards Lifesciences Corp. on Thursday said it agreed to pay 3F Therapeutics Inc. $25 million to restructure a development and supply pact.
The original deal was between Lake Forest-based 3F and Percutaneous Valve Technologies Inc., which Edwards bought early last year.
3F is developing less invasive heart valves that are used today. Edwards, a leading maker of traditional heart valves, has been boosting its research and development into catheter-based, or percutaneous, heart valves.
Under the new pact, Edwards has the right to make and alter 3F’s percutaneous devices. 3F gets licensing rights to some of its patents.
Edwards said it planned to account for most of the $25 million payment as a special charge in the second quarter.
The restructured deal will provide 3F “with a significant source of new capital, enabling us to achieve our clinical development and operating goals,” said 3F Chief Executive Walter Cuevas.
Late last month, 3F said it had received $6 million in “insider commitments” toward a $20 million round of venture financing.
