Edwards Makes It Rain with Spinoff Cash

Edwards Lifesciences unloaded its critical care business in a $4.2 billion sale to BD in June, and the structural heart company has been on a spending spree ever since.

Most recently, Edwards bought JC Medical from Singapore-based Genesis MedTech and made a $25 million equity investment in Genesis.

With the purchase of JC Medical, Edwards acquires the intellectual property and commercial rights to its J-Valve System, a transcatheter aortic valve replacement (TAVR) system for the treatment of severe aortic regurgitation. Edwards made an undisclosed upfront payment for JC Medical and agreed to potential sales-based milestone payments.

Genesis MedTech has maintained the exclusive right to develop, manufacture and commercialize the J-Valve System in Greater China. In July 2023, Genesis MedTech completed patient enrollment for a clinical study of the J-Valve transfemoral system for the treatment of aortic regurgitation (J-Valve TF) in China, and recently concluded the one-year patient follow-up. FDA granted a breakthrough device designation for the J-Valve TF in August 2023. The company completed enrollment for an early feasibility study of the J-Valve TF in the United States in February. FDA also gave a nod for JC Medical to initiate its pivotal clinical trial of the device earlier this year.

Genesis said the $25 million equity investment from Edwards will support its product and market development efforts.

In July alone, Edwards dropped over $1.5 million on upfront capital commitments toward M&A: Affluent Medical (€15 million stake, about $16.3 million); Innovalve Bio Medical ($300 million); and Endotronix and JenaValve (about $1.2 billion combined).