HeartWare buys Israeli co Valtech Cardio for $800mSep. 3, 2015
HeartWare International Inc. announced today that it has entered into a definitive agreement to acquire Valtech Cardio Inc. in a share and milestone payments deal that could reach $857 million. Valtech is a privately held company that specializes in the development of innovative, non-invasive surgical and transcatheter valve repair and replacement devices for the treatment of the most prevalent heart valve diseases mitral valve regurgitation (MR) and tricuspid valve regurgitation (TR).
The Israeli company was founded in 1996 and has 40 employees. The company was founded by CEO Yossi Gross and Yiftach Beinart. Based in Or Yehuda near Tel Aviv, the company has raised $26 million to date, and its last financing round was the $18 million it raised in 2010.
Valtech was founded in the Incentive technological incubator in Ariel, which is managed by Peregrine, where it received a grant from the Office of the Chief scientist. Peregrine subsequently invested in Valtech and other investors included OXO Capital Valve Ventures LLC, NGN Biomed Opportunity II LP, as well as other investors, whose names it did not disclose.
Gross said, "Valtech has benefited significantly from HeartWare's early investment in our company. Since then, we have developed a strong relationship based on a shared mission to deliver transformative products to patients with advanced heart failure and degenerative heart conditions. By joining HeartWare, we can more quickly and fully realize the potential of our pipeline technologies and further influence the underpenetrated markets that we serve".
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