Venus Medtech Acquires Cardiovalve to Optimize its Innovative Products Pipeline of Mitral and Tricuspid Valve Replacement

HANGZHOU, China, Dec. 7, 2021 /PRNewswire/ -- Venus MedTech (HangZhou) Inc. (Venus MedTech, 2500.HK), a leading, innovative Chinese structural heart disease treatment company, announced its acquisition of Cardiovalve Ltd. (Cardiovalve), a pioneering transcatheter mitral and tricuspid valve treatment company on December 7th, 2021. 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 as agreed. The Acquisition is intended to expand the innovative product layout of mitral valve replacement and tricuspid valve replacement, further enhance the company's product pipeline in the field of cardiac valve disease treatment, and accelerate its internationalization. Cardiovalve Ltd. (previously Mitraltech Ltd.) was headquartered in Israel in 2010. Amir Gross, CEO of Cardiovalve, is a serial entrepreneur. He founded and led Valtech Cardio until its acquisition in 2017 by Edwards Lifesciences, a global cardiovascular device giant, at a total deal size of $700 million. Its independently-developed Cardiovalve System is a transcatheter interventional replacement product for patients suffering from mitral or tricuspid regurgitation. Compared with products of the same kind, its transfemoral approach significantly improves the safety of treatment and its 55mm annuli is suitable for about 95% of the patient population. Its unique short frame design lowers the risk of LVOT obstruction. Cardiovalve has applied for over 215 patents, of which 83 have been granted. Its treatment of mitral regurgitation has entered clinical trials in Europe and is currently in an early feasibility study in the U.S.. Well-noted international cardiovascular centers such as the Piedmont Heart Institute (US), IRCCS Policlinico San Donato (Italy), Universitaet Mainz (Germany), Heart-Center University Clinic Bonn (UKB) (Germany), University Heart Center L

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