China’s Venus Medtech to Acquire Medical Devices Company Keystone Heart

Chinese trans-catheter heart valve company Venus Medtech (Hangzhou) Inc. announced on Tuesday it has agreed to acquire Israeli medical device company Keystone Heart Ltd. The companies did not disclose the financial terms of the deal, which is expected to close by the end of the year.

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Founded in 2009, Venus Medtech develops cardiovascular medical devices such as artificial aortic valves and other medical devices for the treatment of heart disease.

Keystone Heart develops and manufactures medical devices designed to protect the brain during cardiovascular procedures. During these procedures, debris from the aortic valve, and other sources may embolize and cause cerebral infarction, potentially causing a stroke or cognitive decline. Keystone Heart’s TriGUARD 3 product pipeline is designed to minimize such risk. Following the acquisition, Venus Medtech will retain the rights to TriGUARD 3 products. Keystone Heart was founded by Israeli doctor Dov Shimoni in 2004 as SagaX Medical Technologies Inc., According to data by Israeli market research firm IVC. In 2005 the company was bought by U.S. medical device company MIV Therapeutics Inc. for $2.2 million, and In 2007, Shimoni reacquired the company for an undisclosed amount.

Keystone Heart is headquartered in the coastal Israeli town Caesarea and has additional facilities in Tampa, Florida. The company has raised $27 million to date, according to Pitchbook data.