The American medical device giant Edwards Lifesciences announced today (Monday) its decision to acquire the Israeli technology company Innovalve Bio Medical. Innovalve Bio Medical develops minimally invasive treatments for heart valve diseases, including a system for transcatheter mitral valve replacement (TMVR), which addresses the most common valve disease without the need for complex open-heart surgery.
About three years ago, Innovalve completed the development of its system. After receiving the necessary approvals from the US FDA, the company began clinical trials, with over 40 procedures performed to date, mostly in leading hospitals in the US
The $300 million acquisition will allow this Israeli technology to reach millions of patients worldwide, saving many lives and improving global heart health.
Innovalve Bio Medical is led by CEO Il Bar-Or and Prof. Ehud Raanani, the company's founder and chief scientist. The company, which grew and operates within the Sheba Medical Center's heart center, was established in 2018 by the hospital based on an invention by heart surgeons Prof. Ehud Raanani, head of Sheba's heart center, and Dr. Boris Orlov, head of the mitral valve insufficiency service.
The company employs about 50 workers, all in Israel. Upon completion of the transaction, Innovalve will integrate into a division of Edwards. Since its inception, the company has raised approximately $30 million, with investors including ALIVE VC, OURCROWD, and private investors. The deal is expected to be completed by the end of 2024.
Devyn Chopra, a senior vice president at Edwards, stated, "We believe that Innovalve's technology, combined with Edwards' extensive knowledge and experience in the mitral field, will lead to the development of a TMVR system that will expand the patient population that can be treated."
Prof. Ehud Raanani, founder and chief scientist of Innovalve and head of Sheba's heart center, noted, "Patients who underwent the innovative valve implantation recovered very quickly, with sustained improvements in heart function. Given this, our innovative technology has an excellent chance to treat and save many patients suffering from this severe medical condition.
"The company's success is partly due to its unique model of developing a medical device within the heart center at Sheba, demonstrating the power of the close, daily, and direct connection between medical and technological staff, resulting in very rapid and high-quality development cycles. I am proud that this important technology is breaking new ground with blue-and-white development, especially in these challenging times."
Il Bar-Or, CEO of Innovalve, added, "We are confident that with Edwards' support, we will continue to accelerate our development processes and clinical trials, allowing our groundbreaking technology to advance as quickly as possible to help many patients worldwide."
Prof. Yitshak Kreiss, Director General of Sheba Medical Center, said, "The healthcare system is an economic growth engine for the Israeli economy. Innovalve's exit joins other acquisitions of Sheba-based companies purchased by international biomedical giants in recent months, repeatedly expressing confidence in the innovation emerging from Sheba.
"These achievements are made possible thanks to ARC, Sheba's unique innovation platform, which encourages the development of breakthrough technologies through the combination of technological entrepreneurship and extensive clinical knowledge and experience at the patient's bedside.
"Soon we will see more and more deals like this, with their benefits returning to the public healthcare system, strengthening and developing it. This is a real revolution that is turning the healthcare system, which for years had to scrape together state budgets, into a significant revenue generator for the Israeli economy."