Earlybird Venture Capital portfolio Company BMEYE has been acquired by Edwards Lifesciences Corporation, a heart valves and hemodynamic monitoring business. BMEYE is a Dutch company that specializes in the development of non-invasive technology for advanced hemodynamic monitoring.
Earlybird Venture Capital announces that its Portfolio Company BMEYE, a privately held Dutch company that specializes in the development of non-invasive technology for advanced hemodynamic monitoring, has been acquired by Edwards Lifesciences Corporation, the global leader in the science of heart valves and hemodynamic monitoring. Earlybird with its expertise in Medical Technologies has played a key role as an investor in the company, guiding it both commercially and through to exit. Thom Rasche, Earlybird Partner joined the board of BMEYE in 2009 when it first invested just 3 years ago.
For more details about the sale please refer to the below announcement.
Established in 1997 Earlybird currently manages $700 million in assets and is a leading European venture capital firm active in health tech and technology venture investing. Since its inception, Earlybird has invested in many companies, which have sparked some of the most significant innovations in business and technology and resulted in large scale ($1bn+) IPOs and trade sales. In the health tech sector notable transactions were, among others, the sales of amaxa to Lonza, Alantos to Amgen and BMEYE to Edwards and the IPOs of Wilex, Entelos and Noemalife. Earlybird’s active portfolio currently includes more than 20 companies in the health tech, consumer internet and enterprise services space. Companies currently in the health tech portfolio are: EBS Technologies, Hemoteq, Miracor and Zonare.
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EDWARDS LIFESCIENCES ACQUIRES BMEYE
Critical Care portfolio expands to include non-invasive platform
IRVINE, Calif., October 10, 2012 – Edwards Lifesciences Corporation (NYSE: EW), the global leader in the science of heart valves and hemodynamic monitoring, announced today that it has completed the acquisition of BMEYE B.V., a privately held Dutch company that specializes in the development of non-invasive technology for advanced hemodynamic monitoring. BMEYE’s technology provides continuous, real-time information to clinicians and can be used in the surgical, intensive care, emergency room and cardiology settings.
“BMEYE’s unique non-invasive technology platform complements our existing portfolio and will provide clinicians with critical, comprehensive hemodynamic monitoring information for a broader range of patients. Numerous studies have concluded that therapy guided by hemodynamic monitoring improves patient outcomes and reduces complications and lengths of hospital stays,” said Carlyn Solomon, Edwards’ corporate vice president, critical care and vascular. “This acquisition supports our ongoing commitment to build and strengthen our offerings for clinicians and patients, and reinforces our leadership in hemodynamic monitoring.”
BMEYE’s monitoring products work with a non-invasive finger cuff to measure continuous, real-time information on cardiac output, blood pressure, fluid responsiveness and other important hemodynamic parameters. Currently, BMEYE’s products are approved for sale in the United States, throughout Europe and in several other countries.
Rob de Ree, chief executive officer of BMEYE said, “BMEYE has a solid history of developing innovative hemodynamic monitoring solutions. We look forward to joining the Edwards team to extend the reach of our existing products, and to continue to develop novel technologies to help clinicians and improve patient care worldwide.”
While BMEYE’s products have primarily been used by clinicians outside of the hospital, over the next 18 months, Edwards plans to further develop BMEYE’s technology and integrate it into the Edwards EV1000 clinical platform for use in the acute care setting in hospitals.
The purchase price was €32.5 million (approximately $42 million). Edwards expects the net earnings impact from this transaction to be immaterial in 2012, and slightly dilutive in 2013. Additional details will be forthcoming when the company provides 2013 financial guidance in December.
ABOUT HEMODYNAMIC MONITORING
Hemodynamic monitoring is the measurement of blood circulation and cardiac function that allows clinicians to evaluate whether enough oxygen is being delivered to the tissues. Healthcare providers use this information to detect changes or problems in a patient’s status that will allow for informed, immediate treatment decisions. Edwards has been developing products and educational resources to help clinicians manage critically ill patients for more than 40 years. Its current product portfolio includes invasive and minimally invasive technologies designed specifically for patients who are critically ill or undergoing surgical procedures. With the addition of a non-invasive platform, Edwards can uniquely offer clinicians the broadest range of monitoring products, allowing them to select the most appropriate technology for each patient, and apply this important monitoring to a larger patient population.
ABOUT EDWARDS LIFESCIENCES
Edwards Lifesciences is the global leader in the science of heart valves and hemodynamic monitoring. Driven by a passion to help patients, the company partners with clinicians to develop innovative technologies in the areas of structural heart disease and critical care monitoring that enable them to save and enhance lives. Additional company information can be found at www.edwards.com.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include, but are not limited statements of Messrs. Solomon and de Ree, expected benefits of the BMEYE technology, plans for product development and expectations for net earnings impact. Forward-looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though they are inherently uncertain and difficult to predict. Our forward-looking statements speak only as of the date on which they are made and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement. If the Company does update or correct one or more of these statements, investors and others should not conclude that the Company will make additional updates or correction! s.
Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Factors that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements include unexpected results of expanded clinical experience; uncertainties associated with the Company’s success in developing new products and expanding its markets, creating new market opportunities for its products and avoiding manufacturing and quality issues; unexpected delays in regulatory approvals; the availability and quality of competitive products; and other risks detailed in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2011, which are available at edwards.com.
Edwards, Edwards Lifesciences and the stylized E logo and EV1000 are trademarks of Edwards Lifesciences Corporation.