Irvine-based medical device maker 3F Therapeutics Inc. said Tuesday it is being bought by ATS Medical Inc. of Plymouth, Minn.
Part of the buyout price is based on 3F hitting certain goals.
3F makes replacement heart valves. ATS makes heart surgery products.
The buy is set to close in the second quarter, pending approval by ATS shareholders. ATS said it plans to continue 3F’s operations in Irvine.
Buying 3F strengthens ATS’ position in heart valves “and further heightens our growth potential in the cardiac surgery market,” said Michael Dale, ATS’ chief executive, in a statement.
3F is one of several venture-backed medical device hopefuls in Orange County. The company was founded in 1998 and has about 40 workers.
Venture investors include Boston Scientific Corp., Domain Associates, which has offices in Laguna Niguel and Princeton, N.J., and Little Rock, Ark.-based Cardiac Concepts.
3F’s acquisition likely will bring an end to a pact the company had with Irvine-based Edwards Lifesciences Corp.
Last year, Edwards agreed to pay 3F $25 million as part of a development and supply pact.
The deal originally was with 3F and Percutaneous Valve Technologies Inc., which Edwards bought in 2004.
