As per terms of the deal, Harpoon Medical will also receive up to $150m pre-specified milestone-driven payments over the next ten years.
In 2015, Edwards secured an exclusive option to acquire Harpoon Medical with a structured upfront investment.
Harpoon developed a novel system for repair of degenerative mitral regurgitation (DMR).
The Harpoon system has been designed to facilitate echo-guided repair of mitral valve regurgitation through stabilizing the prolapsed mitral valve leaflet to restore proper coaptation and valve function.
According to the company, the device is under evaluation and not yet available for commercial applications. The firm will soon get a CE mark for the system.
Edwards surgical heart valve therapy corporate vice president Bernard Zovighian said: "We believe the addition of Harpoon Medical's technology and talented team will enable even more opportunities to help patients with degenerative mitral regurgitation.
“The unique beating-heart repair procedure for mitral valve patients complements Edwards' comprehensive portfolio of treatments for structural heart disease, and reinforces our commitment to innovation in cardiac surgery."
Earlier this year, Edwards acquired Israel-based Valtech Cardio for about $690m.
Valtech produces Cardioband system, which is used for transcatheter repair of the mitral and tricuspid valves.
The system, which uses a catheter inserted into the femoral vein, is delivered through a transseptal approach across the septum of the heart. It aggregates a reconstruction implant that is similar to a surgical annuloplasty mitral valve repair device.
Edwards Lifesciences is involved in the development of novel medical solutions for structural heart disease, as well as critical care and surgical monitoring.
Image: Edwards Lifesciences has acquired Harpoon Medical. Photo: courtesy of adamr / FreeDigitalPhotos.net.
