IRVINE, Calif., Nov. 5 Edwards LifesciencesCorporation (NYSE: EW), the world leader in the science of heart valves,announced today that it has entered into a definitive agreement to acquirecertain assets of the CardioVations Division of Ethicon, Inc. CardioVations'product line includes the PORT-ACCESS products, such as the proprietaryEndoCPB and EndoDirect systems for minimally invasive heart valve surgery,including soft tissue retractors, venous and arterial cannulae, vent andcoronary sinus catheters, and reusable instruments, for performing port-accesscardiac valve procedures. The CardioVations product line is expected togenerate sales of more than $20 million in 2008.
The purchase price of approximately $27 million includes inventory,related intellectual property rights and the assumption of certainliabilities. It is not expected to have an impact on earnings in 2008 and willbe accretive thereafter. The acquisition is anticipated to close by the endof 2007, subject to customary closing conditions.
"CardioVations' unique products and procedural approach allow surgeons todo minimally invasive mitral valve repair and replacement and give oursurgical partners new avenues to optimize patient outcomes," said AnitaBessler, Edwards' corporate vice president, heart valve and cardiac surgerysystems. "This technology also complements Edwards' innovative aortic valvereplacement technology for minimally invasive procedures and extends Edwards'leadership in valve replacement and repair."
The PORT-ACCESS system allows surgeons to perform minimally invasive heartvalve operations through small openings, or "ports," in the spaces between theribs, rather than opening a patient's chest.
About Edwards Lifesciences
Edwards Lifesciences, a leader in advanced cardiovascular diseasetreatments, is the number-one heart valve company in the world and the globalleader in acute hemodynamic monitoring. Headquartered in Irvine, Calif.,Edwards focuses on specific cardiovascular disease states including heartvalve disease, peripheral vascular disease and critical care technologies. Thecompany's global brands, which are sold in approximately 100 countries,include Carpentier-Edwards, Cosgrove-Edwards, FloTrac, Fogarty, LifeStent,PERIMOUNT Magna and Swan-Ganz. Additional company information can be found athttp://www.edwards.com.
This news release includes forward-looking statements within the meaningof Section 27A of the Securities Act of 1933 and Section 21E of the SecuritiesExchange Act of 1934. These forward-looking statements include, but are notlimited to the ability of this transaction to generate sales and impactearnings and, more generally, the ability to consummate targeted technologyinvestments and acquisitions. Forward-looking statements are based onestimates and assumptions made by management of the company and are believedto be reasonable, though they are inherently uncertain and difficult topredict.
Forward-looking statements involve risks and uncertainties that couldcause actual results or experience to differ materially from that expressed orimplied by the forward-looking statements. Factors that could cause actualresults or experience to differ materially from that expressed or implied bythe forward-looking statements are detailed in the company's filings with theSecurities and Exchange Commission including its Annual Report on Form 10-Kfor the year ended December 31, 2006.
Edwards is a trademark of Edwards Lifesciences Corporation. EdwardsLifesciences, the stylized E logo, Carpentier-Edwards, Cosgrove-Edwards,FloTrac, Fogarty, PERIMOUNT Magna and Swan-Ganz are trademarks of EdwardsLifesciences Corporation and are registered in the United States Patent andTrademark Office. LifeStent is a trademark of Edwards Lifesciences AG andregistered in the United States Patent and Trademark Office.
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