The deal also includes undisclosed additional contingent payments that are based on sales performance over the next three years.
In September 2023, the company first signed an agreement to acquire Relievant, which has developed and commercialised the Intracept Intraosseous Nerve Ablation System to treat chronic low back pain called vertebrogenic pain.
This basivertebral nerve ablation therapy has already received approval from the US Food and Drug Administration.
The system will serve as an addition to Boston Scientific’s chronic pain portfolio, which includes radiofrequency ablation, spinal cord stimulation and an interspinous spacer procedure.
Recently, Relievant obtained national coverage from Anthem Blue Cross Blue Shield and Humana, which are currently effective and helping to extend access to the Intracept system.
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Along with Cigna Healthcare and local Medicare plans, they expand treatment access for individuals experiencing vertebrogenic pain.
Boston Scientific Neuromodulation president Jim Cassidy said: “The revolutionary therapy from Relievant has tremendous potential to help even more people living with chronic pain.
“The completion of this acquisition further differentiates our position in advanced interventional chronic pain, offering physicians the broadest selection of evidence-based treatment options that address multiple pain targets and change patients’ lives.”
Last month, Boston Scientific announced net sales of $3.52bn during the third quarter of 2023, compared to $3.17bn in the year-ago period.