|Edwards Lifesciences sells stent line. Source: University of Minnesota Medical School|
Edwards Lifesciences, a provider of products and technologies to treat advanced cardiovascular disease, has entered into a definitive agreement to sell certain assets related to the Edwards LifeStent peripheral vascular product line to C.R. Bard for up to $140 million.
Under the terms of the agreement, Edwards will receive an initial cash payment of approximately $75 million at closing, plus an additional $65 million in cash upon the achievement of certain milestones, including the receipt of U.S. regulatory approval of Edwards' LifeStent products for a superficial femoral artery indication and the transfer of LifeStent device manufacturing.
Michael A. Mussallem, Edwards’ chairman and CEO, said, “Although sales are growing, the LifeStent product line is generating operating losses. This transaction enables Edwards to increase our investments in the exciting opportunities in our market-leading heart valve and critical care businesses.”
The transaction is expected to close in January 2008, pending regulatory approvals.