Huge Exit for Sheba: Innovalve Bio Medical Sold to Edwards Lifesciences

The American medical device giant Edwards Lifesciences, specializing in innovative solutions for heart disease patients, announced yesterday (15.7.24) its decision to acquire the Israeli technology company Innovalve Bio Medical.

Innovalve Bio Medical develops advanced, safe, and minimally invasive treatments for heart valve disease. Edwards is a global leader in medical innovations for structural heart disease. The acquisition deal represents a remarkable endorsement of Israeli technology by a giant American company,  ensuring that millions of patients worldwide will benefit from technology capable of saving countless lives, and improving the field of heart medicine globally.

Innovalve, under the leadership of CEO Eyal Bar-Or and its founder and chief scientist, Prof. Ehud Raanani, has flourished within the Sheba Medical Center since its founding in 2018. The company was born out of a groundbreaking discovery by Prof. Raanani, who serves as the director of the Heart, Chest and Blood Vessels Center at Sheba, alongside Dr. Boris Orlov, the director of the Mitral Insufficiency Service. In recent years, InnoValve has developed its technology through close collaboration between the company's engineers and the Sheba medical team that closely accompanies the project.

Mitral valve regurgitation is the most common heart valve disease, impacting many people. InnoValve has created a way to replace the faulty mitral valve using a catheter, which is a less invasive method compared to the traditional open-heart surgery. Three years ago, Innovalve completed the development of their system. Following approval from the FDA, they started implanting it in initial clinical trials. To date, more than 40 implantations have been performed, mostly in leading hospitals in the USA.

The company, which employs approximately 50 people in Israel, is set to join Edwards' TMTT (Transcatheter Mitral and Tricuspid Therapies) division once the deal concludes. The acquisition is expected to be finalized by the end of 2024.

For the second time in two weeks, a giant in the medical products field has expressed confidence in innovations from Sheba Medical Centre. Earlier this month, it was announced that Belkin Vision, originating from Sheba and known for its laser technology for glaucoma treatment, was acquired by the eye care leader Alcon for around half a billion dollars.

Prof. Yitzhak Kreiss, Director of Sheba Medical Center, stated, "The healthcare system drives economic growth in Israel. Innovalve's exit, along with recent acquisitions of Sheba's companies by international biotech giants, expresses their confidence in innovation coming out of Sheba. These achievements are made possible thanks to ARC - Sheba's unique innovation platform, which encourages the development of breakthrough technologies through entrepreneurship. We're entering a new era where more deals like this will bring profits back into the public health system, helping to strengthen and develop it. This change means our health system can generate significant revenue for Israel's economy, reducing its reliance on state budgets."

Prof. Ehud Raanani, founder and first CEO of InnoValve and manager of the heart center at Sheba: "Patients who receive the innovative valve implantation procedure tend to recover quickly, showing lasting improvement in their condition, including heart function parameters. This means our new technology could potentially treat and save many patients facing this serious health issue. 

Our company's success comes from a unique model that integrates medical device development directly within the heart center at Sheba. This showcases the seamless teamwork between our medical staff and tech teams, highlighting the benefits of their close daily collaboration. This partnership results in rapid and high-quality development cycles. I'm proud to see such significant technology emerging from our blue and white efforts, especially during these challenging times."
Ilan Bore, CEO of Innovalve: "The acquisition of Innovalve by Edwards is a major thumbs up of the technology we've developed and a testament to everyone involved in this ambitious and challenging project. This success belongs to our dedicated employees and management, the doctors and hospitals that teamed up with us both here in Israel and abroad, and the investors who backed us every step of our journey.”