US-based medical device manufacturing company Boston Scientific has exercised its option to acquire the remaining shares of Millipede, a provider of percutaneous solutions for mitral valve repair, for a total consideration of $325m.
The move comes after Millipede recently completed a first-in-human clinical study of the IRIS Transcatheter Annuloplasty Ring System.
The deal is expected to expand Boston Scientific’s structural heart portfolio.
The acquisition will give Boston Scientific the IRIS system, which Millipede is currently developing to treat patients with severe mitral regurgitation (MR) who cannot undergo open-heart surgery.
Boston Scientific signed an investment and acquisition option agreement with Millipede in January this year when it acquired existing and newly-issued Millipede shares worth $90m.
The deal also involves a further $125m payment which is linked to the achievement of a commercial milestone.
Boston Scientific executive vice president and global chief medical officer Professor Ian Meredith said: “Upon commercialization, we believe the IRIS system can meet the needs of a currently underserved patient population that requires physiological, less invasive options to treat functional mitral regurgitation in patients with progressive heart failure.
“This device is designed to be highly customizable to a specific patient’s mitral anatomy and disease state, and is repositionable and retrievable to promote a high-quality outcome.”
The transcatheter mitral repair and replacement market is projected to reach $1bn by 2021, with repair procedures accounting for a major share.
Using a complete annuloplasty ring, the IRIS system reduces the size of a dilated mitral annulus.
The system can be used as a stand-alone device, or in combination with other technologies.
Millipede co-founder and CEO Randy Lashinski said: “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.”
The completion of the transaction is subject to customary closing conditions and is expected to take place in the first quarter of next year.