Elutia has reached a definitive agreement to sell its EluPro and CanGaroo bioenvelopes to Boston Scientific for $88m in cash.
This transaction is stated to allow Elutia to advance its development and commercialisation efforts of its near-term pipeline without diluting shareholder value.
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The EluPro BioEnvelope comprises a “unique” extracellular matrix designed to facilitate the regeneration of healthy, vascularised tissue while preventing post-operative complications.
The bioenvelope is designed to release rifampin and minocycline over an extended period at the surgical site, ensuring prolonged antibiotic delivery.
The CanGaroo Envelope is made from acellular biologic material and aims to create a conducive environment for tissue healing by regulating the biological response to injury.
Elutia CEO Dr Randy Mills said: “EluPro has clearly demonstrated that our proprietary drug-eluting biologics platform works at scale.
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By GlobalData“With the successful launch of EluPro, seven national group purchasing organisation contracts secured and more than 160 value analysis committee approvals, we have shown that we can develop, manufacture and commercialise these highly regulated breakthrough products, and that they are valued by physicians.”
The sale is expected to enhance Elutia’s financial position by allowing the company to eliminate outstanding debt and resolve litigation related to its previously divested orthobiologics business.
The proceeds from the sale will fully fund the advancement and commercialisation of Elutia’s NXT-41 and NXT-41x products.
Furthermore, Elutia plans to focus its resources on advancing its SimpliDerm franchise and its drug-eluting pipeline within the US breast reconstruction market, which is valued at $1.5bn.
The deal is anticipated to close in the fourth quarter of 2025, pending customary closing conditions.
BofA Securities serves as the financial advisor to Elutia in this transaction.
In March, Boston Scientific announced the acquisition of SoniVie, the developer of the catheter-based Tivus intravascular ultrasound system.
