As per terms of the deal, Edwards will pay $2.45 per share to purchase all the common stock of CASMED.

CASMED produces Fore-Sight cerebral oximeters, which offer accurate and non-invasive measurement of tissue oxygenation in the brain.

Fore-Sight was designed to meet the requirements of patients ranging from adults over 40kg to the tiniest of neonates.

The oximeter is also provided with exclusive pediatric mode to address the individual anatomical differences between neonates and children.

The direct monitoring of tissue oxygenation will help clinicians to detect hypoxia or low levels of oxygen in the brain and other tissue, enabling to improve patient care.

Edwards critical carecorporate vice president Katie Szyman said: “Cerebral oximetry technology provides an important indicator of oxygen levels in the brain, which can enhance clinician decision-making.

“We believe the incorporation of CASMED’s FORE-SIGHT technology into Edwards’ leading hemodynamic monitoring platform, along with Edwards’ predictive analytics capability, will strengthen Edwards’ leadership in smart monitoring technologies by providing physicians with a more comprehensive status of their surgical and critically ill patients.”

Edwards noted that it has a pending 510(k) clearance in the US for a smart cable and software module that enables compatibility between CASMED’s Fore-Sight sensor and the HemoSphere advanced hemodynamic monitoring platform.

As part of the collaboration, both Edwards and CASMED involved in the development of Fore-Sight sensor, which received CE mark approval in Europe.

Subject to the satisfaction of customary closing conditions, the deal is expected to be completed in the second quarter of 2019.

CASMED president and CEO Thomas Patton said: “We are pleased with this opportunity to bring together CASMED’s expertise in brain and tissue oxygenation monitoring with Edwards’ long history of leadership in hemodynamic monitoring.”

Edwards Lifesciences is involved in the development of novel medical solutions for structural heart disease, as well as critical care and surgical monitoring.