Boston Scientific acquires Millipede for $325m

Boston Scientific (NYSE:BSX) said today that it acquired Iris transcatheter annuloplasty ring developer Millipede in a deal worth approximately $325 million with the opportunity for an additional $125 million based on a commercial milestone. Santa Rosa, Calif.-based Millipede makes the Iris transcatheter annuloplasty ring for treating mitral valve regurgitation. Marlborough, Mass.-based Boston Scientific initially invested $90 million into Millipede in January, with an option to acquire the remaining shares in the company for $325 million and an additional $125 million milestone payment. Boston Scientific said that it decided to pull the trigger on the acquisition based upon Millipede’s completion of a first-in-human clinical study, and said that the purchase will expand its structural heart portfolio. “We are very satisfied with the early results of our clinical program and are excited to see this technology further leveraged by Boston Scientific to expand the mitral repair solutions for patients around the world,” Millipede co-founder & CEO Randy Lashinski said in a prepared statement. The Iris system uses a complete annuloplasty ring to reduce the size of a patient’s dilated mitral annulus. The system is designed for use with a transseptal delivery system and can be used as a stand-alone device or with other devices intended for use in patients with severe mitral regurgitation, Boston Scientific said. “Upon commercialization, we believe...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Cardiovascular Featured Mergers & Acquisitions Wall Street Beat Boston Scientific millipede Source Type: news