Edwards to sell stent product line to Bard for $140M
|Edwards Lifesciences sells stent line. Source: University of Minnesota Medical School|
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.