Edwards Lifesciences has agreed to acquire Valtech Cardio Ltd. in a cash and stock deal valued at $340 million at closing, which is expected early next year.

The deal, which was announced in a news release on Nov. 28, is subject to customary closing condition. During the next 10 years, Edwards could pay up to an additional $350 million if certain milestones are met.

Valtech Cardio, a privately-held company based in Israel, manufactures the Cardioband System for transcatheter repair of the mitral and tricuspid valves.

The FDA has not yet approved the Cardioband System, but it has received a CE mark in Europe.

Edwards said that it has an option to purchase Valtech’s early-stage transseptal mitral valve replacement technology program, which Valtech will spin off into a separate company.

Edwards also announced that its board of directors had authorized a program to acquire up to an additional $1 billion of the company’s common shares. The company said the authorization allows it to repurchase shares and offset the dilution of the Valtech deal.

“As we continue to pursue multiple therapies to address the diverse needs of patients affected by heart valve disease, we saw an important opportunity to incorporate Valtech’s technologies into our comprehensive heart valve repair and replacement portfolio,” Edwards CEO and chairman Michael A. Mussallem said in a news release. “We recognize that physicians will likely need a toolbox of options to treat their patients most effectively. We are very pleased with the progress and future prospects of the multiple internal programs we have underway, and we believe the addition of Valtech’s talented team and mitral and tricuspid technologies will present even more opportunities to help patients.”