Edwards Lifesciences to Sell LifeStent to Bard
Article-Edwards Lifesciences to Sell LifeStent to Bard
Edwards Lifesciences Corp. (Irvine, CA) is selling its LifeStent peripheral vascular product line to C.R. Bard Inc. (Murray Hill, NJ) for up to $140 million. According to Edwards chairman and chief executive Michael Mussallem, the LifeStent product has resulted in "operating losses" for the company. Edwards will get about $75 million in cash at the closing of the deal, which is expected in January.
The company will also receiveÂ $65 million in cash when certain milestones are reached, like FDA approval of additional product indications. Mussallem said that the deal will affect about 150 employees and will help Edwards increase its investments in the heart valve and critical care business.