Edwards to Sell LifeStent Product Line to Bard
December 7, 2007—Edwards Lifesciences Corporation (Irvine, CA) and CR Bard, Inc. (Murray Hill, NJ) separately announced that the companies have entered into a definitive agreement for Edwards to sell its LifeStent peripheral vascular product line assets to Bard. The transaction is expected to close in January 2008, pending federal antitrust clearance and other customary conditions.
Under the terms of the agreement, Edwards will receive an initial cash payment of approximately $75 million at closing, plus up to $65 million in cash upon the achievement of certain milestones, including the FDA approval of the LifeStent products for a superficial femoral artery (SFA) indication and the transfer of LifeStent device manufacturing.
Edwards stated that it is selling the LifeStent assets to increase the company's focus on its heart valve and critical care businesses. For 2007, the LifeStent business represents approximately $30 million in sales for Edwards. Edwards will provide transition services to Bard for up to 2.5 years after the closing. The transition may affect approximately 150 Edwards employees, according to the company.
Bard Peripheral Vascular (Tempe, AZ) will market the LifeStent. Bard said further details of the LifeStent acquisition, along with financial guidance for 2008, will be discussed at its annual investor meeting on December 18, in New York City.
Bard noted that Edwards recently completed 1-year follow-up of 206 patients in the RESILIENT randomized trial comparing the LifeStent to standard percutaneous transluminal angioplasty (PTA) in the treatment of SFA and proximal popliteal stenotic disease. At 1 year, the PTA-plus-stenting arm of the study demonstrated superiority in primary patency compared to the PTA-only arm (80% vs 38%, P<.0001). The LifeStent demonstrated a 2.9% fracture rate in the SFA. Edwards has submitted a premarket approval application to the FDA and is currently responding to the FDA's follow-up questions. The LifeStent products are currently available in the US for biliary indications only, Bard stated.
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