Medical device maker Edwards Lifesciences has acquired cardiovascular device developer and University of Maryland, Baltimore spinout Harpoon Medical.

Harpoon Medical, an investigative cardiovascular device maker spun out from University of Maryland, Baltimore (UMB), was bought by medical tools manufacturer Edwards Lifesciences for up to $250m yesterday. 

The deal provides an exit to UMB’s tech transfer office UM Ventures as well as venture capital firm Epidarex Capital. Edward Lifesciences has paid $100m upfront and could provide another $150m for Harpoon at predetermined milestones.

Spun off from UMB’s School of Medicine in 2013, Harpoon has built a surgical tool to repair the heart’s mitral valve without the need for a cardiopulmonary pump to take over the organ’s functions temporarily.

Harpoon had reportedly raised $17.5m as of October 2016. Edwards gained an option to buy after providing an undisclosed amount of series B funding for the company in December 2015 recorded by deals database Pitchbook as $13m. 

Epidarex led Harpoon’s $3.6m series A round in 2014, for which UM Ventures contributed $100,000. The round included Maryland Venture Fund, a fund managed by state-backed tech transfer office Maryland Technology Development Corporation, as well as nonprofit organisation Abell Foundation and undisclosed angel investors.

Harpoon reportedly secured $2m in bridge financing in September 2015 which included $1.4m in convertible note financing from unnamed backers. It received $200,000 in convertible debt from VC fund Maryland Innovation Initiative, a partnership of five research universities, in 2014.