LSP is proud to announce that it has sold its portfolio company BMEYE to Edwards Lifesciences. Details can be read in the below press release. LSP has been the largest shareholder in BMEYE since 2006. Rene Kuijten, general partner of LSP and board member of BMEYE, has been very actively engaged in the development and exit of the company.
About LSP
Life Sciences Parnters (LSP) is a leading independent European investment firm, providing financing for private and public life-science companies. Since the late 1980s, LSP's management has invested in a large number of highly innovative enterprises, many of which have grown to become leaders of the global life-science industry. For example, LSP was a founding investor in Movetis, Crucell, Qiagen and Prosensa. With over EUR 650 million under management and offices in Amsterdam, Munich and Boston, LSP is one of Europe's largest and most experienced specialist life-science investors. For more information, please visit www.lspvc.com.
FOR IMMEDIATE RELEASE
Media Contact: Adrienne Turner or Sarah Huoh, 949-250-5070
Investor Contact: David K. Erickson, 949-250-6826
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 corrections.
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.
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