Edwards Lifesciences Sued Over $300 Million Tied to Heart Device

Edwards Lifesciences Corp. is facing litigation in Delaware over claims that it’s on the hook for $300 million after acquiring a smaller biotech company solely to shelve its flagship heart valve repair device.

The lawsuit accuses the life sciences giant of duping Valtech Cardio Ltd. investors into deferring $350 million in compensation—out of up to $690 million—as part of a scheme to block commercialization of the “Cardioband” system while Edwards developed a competing product. The upfront sale price was $340 million, according to the complaint made public Tuesday.

“As defendants continue to sideline Cardioband for their financial benefit"—depriving former Valtech ...