Otsuka to acquire renal denervation firm ReCor Medical
Otsuka Holdings (TYO:4578) said today that it plans to acquire the remaining stake it doesn’t already own in ReCor Medical and the renal denervation device it’s developing to treat hypertension.
Tokyo-based Otsuka led ReCor’s $15 million Series D in April 2015 to back Palo Alto, Calif.- and Amsterdam-based ReCor’s Radiance-HTN study, which will test its Paradise system in patients with high blood pressure in the U.S. and E.U. In May 2016 the duo inked a deal that gave Otsuka exclusive rights to pursue clinical trials, regulatory approval and commercialization of ReCor’s Paradise device in Japan, China, Korea and elsewhere in Asia.
Last November Otuska shifted its investment in ReCor to its medical device business. The full buyout comes after ReCor won FDA approval for a new pivotal study, Radiance II, of the Paradise ultrasound denervation system. Today the companies said ReCor will continue to develop the Paradise device and explore other indications, including heart failure, kidney disease and metabolic disorders, and build incubator and clinical hubs for Otsuka Medical Devices in the U.S. and Europe.
“We are very encouraged by the results of our clinical trials with the Paradise system, which have been conducted in the U.S. and Europe – none of which would have been possible without Otsuka and the strong relationship between our teams. This transaction demonstrates that tremendous value can be created for companies and venture investors ...
Source: Mass Device - Category: Medical Devices Authors: Brad Perriello Tags: Mergers & Acquisitions Ultrasound Wall Street Beat Hypertension Otsuka Holdings ReCor Medical Renal Source Type: news
More News: Cardiology | China Health | Clinical Trials | Heart | Heart Failure | Hypertension | Japan Health | Medical Devices | Mergers and Aquisitions | Partnerships | Statistics | Study | Ultrasound | Urology & Nephrology