The FTC Challenges Edwards Lifesciences’ $945M Acquisition of JenaValve

On August 6, 2025, the Federal Trade Commission (“FTC”) filed a motion for preliminary injunction to block Edwards Lifesciences Corporation’s (“Edwards”) $945 million proposed acquisition of JenaValve Technology, Inc. (“JenaValve,” collectively “Defendants”) in the District of Washington. Complaint, FTC v. Edwards Lifesciences Corp. et. al. , No. 1:25-cv-02569, ECF No. 1 (D.D.C. 2025) (“Complaint”). On the same day, the FTC also filed an in-house administrative complaint to stop the proposed acquisition. In re Edwards Lifesciences Corp & JenaValve Technology, Inc. , Docket No. 9442 (F.T.C. Aug. 6, 2025). Both Edwards and JenaValve develop medical devices to treat patients with structural heart conditions, though neither company’s product has yet been commercialized. Even so, the FT