Venus Medtech Acquires Cardiovalve

December 7, 2021—Venus Medtech (Hangzhou) Inc., a China-based company focused on the treatment of structural heart disease, announced its acquisition of Cardiovalve Ltd. (previously Mitraltech Ltd.), a developer of transcatheter mitral valve replacement (TMVR) and transcatheter tricuspid valve replacement (TTVR) devices that is headquartered in Israel.

Venus Medtech will acquire 100% equity interest and corresponding equity at a consideration of $300 million and will pay the consideration conditionally in installments, subject to the completion of certain milestone events. The acquisition is intended to expand Venus Medtech’s product layout of TMVR and TTVR technology, further enhance the company’s product pipeline in the field of cardiac valve disease treatment, and accelerate its internationalization.

According to Venus Medtech, the transcatheter Cardiovalve system is for patients with mitral or tricuspid regurgitation.

For the treatment of mitral regurgitation, the device is being evaluated in clinical trials in Europe. An early feasibility study is being conducted in the United States.

For the treatment of tricuspid regurgitation, the device received FDA Breakthrough Device designation in January 2020 and was entered in an early feasibility study.

Venus Medtech advised that after the acquisition of Cardiovalve, the company will continue to advance its clinical research in Europe and the United States, while accelerating its clinical development and registration in the Chinese market. The acquisition comes after Venus Medtech’s May 2021 announcement of its investment in Valgen Holding Corporation.

Venus MedTech Chief Executive Officer (CEO) Eric Zi stated in the company’s press release, “The acquisition of Cardiovalve will create synergy with the company’s existing product layout and will further consolidate the company’s leading position in the field of structural heart disease in China and globally. This is in line with the long-term vision of Venus Medtech to innovate and commercialize globally. We believe that the Cardiovalve system will promote innovation in Venus and provide more innovative treatments for doctors and patients worldwide.”

Amir Gross, CEO of Cardiovalve, added, “We are honored to be backed by Venus, the leading player in China. We believe that cooperation with Venus Medtech will accelerate our development in the global market, especially the Chinese market, and achieve more breakthrough innovations. We believe that this agreement is only a first step to a fruitful, long-term relationship in which we will continue to bring multiple innovations to market jointly.”

Professor Francesco Maisano, MD, who is Chief of Cardiac Surgery and Director of the Valve Clinic at the IRCCS San Raffaele University Hospital in Milan, Italy, commented in the press release, “First of all, Cardiovalve is a best-in-class device. Behind this device there is a great team, and the original concept goes back almost 10 years. From the very beginning, we knew that the future of TMVR and TTVR would require a transfemoral implant, simple and repeatable, minimizing the many challenges of valve replacement. After 10 years of intense work, the valve is ready to become the best solution for TMVR and TTVR.”

Professor Scott Lim, MD, Medical Director of the UVA Advanced Cardiac Valve Center in Charlottesville, Virginia, noted, “Increasingly, it has become evident that there will be a role for a transcatheter mitral valve, particularly for functional mitral regurgitation. Additionally, there has been a surge of excitement in the cardiovascular community about transcatheter tricuspid valve replacement, even over repair technologies. The Cardiovalve core technology, a transvenous transcatheter mitral and tricuspid valve, delivers the impressive potential of a less invasive valve replacement technology along with an evolved delivery system. We look forward to the continued clinical research trial investigations of this valve in the international cardiovascular community for both mitral and tricuspid valve disease.”