JERUSALEM Edwards Lifesciences Corp (EW.N) on Monday said it has agreed to buy Israel's Valtech Cardio for $340 million in stock and cash, with the potential for an additional $350 million in pre-specified milestone-driven payments over the next 10 years.
Valtech is a private company that developed a system for transcatheter repair of the heart's mitral and tricuspid valves.
Eyal Lifschitz, chief executive of the Peregrine Ventures fund that invested in and helped start Valtech, said Valtech has so far raised about $100 million.
Other investors include OXO Capital Valve Ventures and NGN Capital.
Prior to the deal's closing, which is expected in early 2017, Valtech will spin off its early-stage transseptal mitral valve replacement technology program.
Edwards also has an option to buy that program, which Lifschitz said could bring the total paid to close to $1 billion.
Separately, Edwards' board of directors said it authorized a new share repurchase program to acquire up to an additional $1 billion of the company's outstanding common shares.
(Reporting by Ari Rabinovitch)