Valtech Cardio, an Israeli company that develops systems to repair heart valves, has been acquired by the American firm Edwards Lifesciences for what could amount to $690 million—$340 million in stock and cash, with the potential for an additional $350 million in pre-specified milestone-driven payments over the next 10 years.

Edwards also retains an option to acquire associated intellectual property from a spinoff company, which could then push the total acquisition closer to $1 billion. The deal is expected to close in early 2017.

News of the buyout came one year after reports the U.S.-based heart technology company HeartWare International agreed to acquire the privately held Israeli company for $929 million. That acquisition eventually fell through.

Valtech is renowned for its Cardioband System, which can reconstruct the mitral valve without the patient needing open-heart surgery.

“As we continue to pursue multiple therapies to address the diverse needs of patients affected by heart valve disease, we saw an important opportunity to incorporate Valtech’s technologies into our comprehensive heart valve repair and replacement portfolio,” said Edwards chairman and CEO Michael A. Mussallem. “We recognize that physicians will likely need a toolbox of options to treat their patients most effectively.  We are very pleased with the progress and future prospects of the multiple internal programs we have underway, and we believe the addition of Valtech’s talented team and mitral and tricuspid technologies will present even more opportunities to help patients.”

(via Israel21c)

[Photo: Valtech Cardio / YouTube ]