Boston Scientific has signed an agreement to acquire US-based VICI VENOUS STENT System developer Veniti in a deal valued at $160m.

Boston Scientific currently owns a 25% stake in Veniti.

The purchase price comprises a $108m up-front cash payment, and up to $52m in payments contingent upon approval of the VICI stent system by the US Food and Drug Administration (FDA).

“Boston Scientific noted that the acquisition of Veniti is expected to be immaterial to its adjusted earnings per share this year and next year, and accretive thereafter.”

The VICI stent system is self-expanding and was developed specifically for use in the venous anatomy, which presents different challenges than placing stents in the arterial vascular system.

It has been designed to withstand compression and maintain patency and flexibility over the course of a patient’s life expectancy.

Veniti president and CEO Jeff Elkins said: “This stent system was designed with the distinctive demands of the venous system in mind, and built to provide physicians with a high-quality lumen across a variety of venous anatomies and disease states.

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“We are excited to see this stent technology become even more accessible to physicians and the patients they treat under the leadership of Boston Scientific.”

For the VICI stent system, which received CE Mark in 2013, Veniti submitted a pre-market approval (PMA) application to the FDA in June this year.

Boston Scientific Peripheral Interventions senior vice-president and president Jeff Mirviss said: “With the unique benefits of this differentiated technology and the strong experience of Boston Scientific in the overall venous market, we believe the VICI stent will become an important choice for physicians who choose stents to treat patients suffering from venous disease.

“Along with our leading AngioJet thrombectomy platform and venous product pipeline, we look forward to meeting the needs of physicians treating both chronic and acute venous disease.”

Boston Scientific noted that the acquisition of Veniti is expected to be immaterial to its adjusted earnings per share this year and next year, and accretive thereafter.

The completion of the transaction is subject to customary closing conditions.