Edwards Lifesciences has completed the acquisition of Israel-based Valtech Cardio for about $690m.
The deal was first announced in November 2016.
As per the deal terms, Valtech secured $340m in stock and cash, and is eligible to receive up to $350m in pre-specified milestone-driven payments over the next ten years.
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.
The company secured CE mark approval for mitral application of the Cardioband system in Europe. It is not yet approved for sale in the US.
Edwards Lifesciences chairman and CEO Michael Mussallem said: "We look forward to the Valtech team joining Edwards. We believe their knowledge, experience and the Cardioband technology are valuable additions to Edwards.
"This therapy has the potential to be a breakthrough structural heart therapy to help many patients in desperate need, and we look forward to gaining valuable insights from its commercial use in Europe."
In August 2015, Edwards Lifesciences acquired US-based CardiAQ Valve Technologies for around $400m.
Based in Irvine of California, CardiAQ is the developer of a transcatheter mitral valve (TMV) replacement system.
Edwards Lifesciences is engaged in the development of novel medical solutions for structural heart disease, as well as critical care and surgical monitoring.
Image: Valtech has developed Cardioband system for transcatheter repair of the mitral and tricuspid valves. Photo: courtesy of Edwards Lifesciences Corporation.