Edwards Lifesciences Corp. said Tuesday that it’s selling medical devices that help patients with malfunctioning kidneys to Baxter International Inc. for $65 million.
Irvine-based Edwards, which spun off from Baxter in 2000, will receive $56 million initially and could receive another $9 million in the deal, if products live up to expectations.
The deal is set to close in the third quarter.
The product line that Edwards is selling is used for a treatment called hemofiltration, which mimics kidney function 24 hours a day for patients who have life-threatening kidney injuries or fluid overload.
Hemofiltration usually is administered in intensive care settings in the hospital.
The kidney devices represented about $50 million in Edwards’ sales last year. he company’s mainstay business is heart valves.
In a statement, Edwards said it was selling the business in order to focus on “global strategic priorities” and noted that Deerfield, Ill.-based Baxter supplied solutions used with the devices.
