Edwards Lifesciences Corp. (NYSE: EW) has agreed to buy venture capital-backed medical device manufacturer Valtech Cardio Ltd. The acquisition allows Edwards to expand its services in heart valve repair and replacement.

Edwards will pay up to $690 million for Valtech. The purchase price consists of a $340 million stock and cash payment at closing and up to another $350 million that is based milestone achievements over the next 10 years.

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