Edwards Acquires Harpoon Medical
December 6, 2017—Edwards Lifesciences announced the acquisition of Harpoon Medical, Inc., a privately held medical technology company focused on beating-heart repair for degenerative mitral regurgitation. In 2015, Edwards announced a structured upfront investment in Harpoon with an exclusive option to acquire the company.
Under the terms of the merger agreement, Edwards paid $100 million in cash for Harpoon at closing on December 1. In addition, there is the potential for up to $150 million in prespecified milestone-driven payments over the next 10 years.
According to Edwards, Harpoon's beating-heart repair procedure for mitral valve patients complements its portfolio of treatments for structural heart disease. The Harpoon system is designed to facilitate echo-guided repair of mitral valve regurgitation by stabilizing the prolapsed mitral valve leaflet to restore proper coaptation and valve function. Currently, the Harpoon device is investigational and is not available for commercial use. It is expected to receive European CE Mark approval soon.
The Harpoon device was invented by James S. Gammie, MD, Professor and Chief of Cardiac Surgery at the University of Maryland School of Medicine in Baltimore, Maryland. Dr. Gammie is Chairman of the company's scientific advisory board and will serve as a consultant to Edwards Lifesciences.
In the announcement, Dr. Gammie commented, "There are a significant number of patients currently undergoing mitral valve surgery that we believe can benefit from Harpoon's therapy during a minimally invasive, beating-heart procedure. This therapy offers the potential for earlier treatment of degenerative mitral valve disease with faster recovery and less morbidity, while also providing the opportunity for more consistent procedures and outcomes for patients."