Boston Scientific has exercised its right to acquire the remaining 73% shares in medical device company Farapulse for an upfront payment of nearly $295m.
In 2014, Boston Scientific invested in Farapulse and currently owns equity shares of about 27%.
The company signed an investment agreement with an exclusive option for acquisition in September last year.
The latest deal also comprises clinical and regulatory milestone payments of up to $92m as well as revenue-based payments for the next three years.
Boston Scientific noted that the Farapulse acquisition will support its current electrophysiology portfolio by adding the FARAPULSE Pulsed Field Ablation (PFA) System.
PFA is a non-thermal ablation system indicated to treat atrial fibrillation (AF) as well as other cardiac arrhythmias.
Boston Scientific rhythm management and global health policy senior vice-president and chief medical officer Kenneth Stein said: “The emerging field of PFA has the potential to alter the future of ablation therapy and has shown the promise of improvements in both safety of cardiac ablations for patients and efficiency and ease-of-use of these procedures for physicians.
“The FARAPULSE PFA System is intended to enable physicians to precisely ablate cardiac tissue while minimising procedural complications, and real-world and clinical evidence from trials throughout Europe have demonstrated encouraging, positive results.”
In January, Farapulse obtained CE mark for the FARAPULSE PFA System, making it the first company to market such a device in Europe and other CE mark accepting countries.
The company commenced an investigational device exemption trial, named ADVENT, in March in the US and has enrolled more than 100 patients so far.
The prospective, randomised trial is analysing the FARAPULSE PFA System as against standard-of-care ablation in paroxysmal or intermittent AF patients.
Freedom from AF at one year after a single ablation procedure is the trial’s primary goal.
Subject to necessary closing conditions, the acquisition is expected to conclude in the third quarter of this year.