China's Venus Medtech acquires Israeli heart valve firm for $300m

JERUSALEM - Chinese heart disease treatment company Venus Medtech has acquired the Israeli company Cardiovalve for $300 million, both companies said in a joint statement on Wednesday.

Founded in 2009 and headquartered in China's eastern city of Hangzhou, Venus Medtech is a leader in transcatheter heart valvular therapies in China.

Cardiovalve, established in 2017 and based in the central city of Or Yehuda, developed a technology to replace heart valves without the need for open-heart surgery and using only catheterization.

The acquisition is intended to expand Venus Medtech's product layout of valve replacement and accelerate its innovation and internationalization, the statement said.

The patient population suffering from heart regurgitation grows with each passing day, and the total potential market value of valve replacement in China, Europe, and the United States is expected to exceed $4.7 billion in 2030, it noted.

"The acquisition of Cardiovalve will further consolidate our leading position in the field of structural heart disease in China and globally", said Eric Zi, chief executive officer of Venus Medtech.

"Cooperation with Venus Medtech will accelerate our development in the global market, especially the Chinese market, and achieve more breakthrough innovations", said Amir Gross, chief executive officer of Cardiovalve.