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O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

Edwards Lifesciences to Sell Novacor Unit

May 26, 2000|Times Staff and Dow Jones

Edwards Lifesciences Corp., an Irvine maker of products to treat cardiovascular disease, said Thursday that it has agreed to sell its Novacor unit assets to a Canadian company in an all-stock deal worth $59 million at Thursday's closing price.

Edwards said in a press release that it will sell the assets to World Heart Corp. for preferred stock amounting to 5 million shares, or about 25%, of the Ottawa company.

Shares of World Health, which makes medical devices to help treat patients with congestive heart failure, dropped 81 cents in trading to close at $11.81 each.

Edwards said it expects to record a pretax gain of $30 million to $40 million when the transaction closes.

Shares of Edwards rose 88 cents to close at $17.31 a share on the New York Stock Exchange.

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