Bio-Imaging Technologies (Newtown, Pennsylvania) has acquired the intellectual property of privately held CapMed (Wilmington, Delaware), including the Personal Health Record (PHR) software and the patent-pending Personal HealthKey technology. Financial terms of the transaction were undisclosed. PHR is a software application that empowers patients to be a partner in their healthcare management and helps doctors, clinics and hospitals to reduce the risk of errors, as well as improve medical compliance and communication between patients and providers. The Personal HealthKey is a portable solution for people to take specific health reports or their entire medical record, including diagnostic medical images, anywhere. Bio-Imaging is expected to keep the acquired assets as a distinct division while changing the name to support the company's branding efforts. Bio-Imaging provides services supporting product development efforts in the pharmaceutical, biotechnology and medical device industries.
Edwards Lifesciences (Irvine, California) said during its 2003 Investor Conference in early December that it would take "aggressive steps" to improve its U.S. heart valve sales growth rate. A few days later, it announced plans to buy privately held Percutaneous Valve Technologies (PVT; Fort Lee, New Jersey), which is developing a catheter-based (percutaneous) approach for replacing aortic heart valves. Edwards entered into a definitive agreement to acquire PVT for $125 million in cash upon completion of the transaction, plus up to an additional $30 million in payments upon the achievement of key milestones. The transaction is expected to close in 1Q04, subject to customary closing conditions. Edwards has the right to terminate the agreement for a payment of up to $15 million. "This transaction will allow Edwards to accelerate the development of a breakthrough technology for patients with heart valve disease, particularly the many individuals who do not receive surgery today," said Michael Mussallem, chairman and chief executive officer, during a conference call on the deal, noting that the market potential for percutaneous valve therapy is "very large, as much as $1 billion" over the next decade. That, he added, "could double the size of the existing heart valve therapy market." PVT's technology, which was acquired from Heartport (Redwood City, California) in 2000, is a combination of balloon-expandable stent technology integrated with a percutaneously-delivered tissue heart valve. Unlike conventional open-heart valve replacement surgery, this less-invasive procedure is designed to be performed in a cardiac cath lab under local anesthesia.