Edwards Lifesciences Sued for $140 Million Over Device Deal

Ex-investors in Harpoon Medical Inc. sued Edwards Lifesciences Corp. affiliates, saying the cardiac equipment maker owes them $140 million more for failing to commercialize a heart valve device it acquired when buying their business.

The lawsuit, filed Wednesday, says Edwards is breaching a purchase agreement provision accelerating $150 million in post-deal payments if it dropped development of the device—a potential mitral regurgitation treatment—for reasons unrelated to safety and efficacy. Edwards has repeatedly admitted the choice was a pure business decision, according to the complaint.

“Edwards made this unequivocal admission to regulatory bodies, to the principal investigators at the clinical trial ...