US-based Boston Scientific has completed the acquisition of Augmenix for an upfront cash consideration of $500m.
As per the deal signed between the companies last month, Boston Scientific agreed to pay up to $100m for achieving sales-based milestones.
Augmenix portfolio includes the SpaceOAR Hydrogel System designed to minimise common and debilitating side effects experienced by men after undergoing radiotherapy for prostate cancer treatment.
In order to reduce rectal radiation injury, SpaceOAR hydrogel is injected between the rectum and prostate to cut down exposure to rectal radiation.
Boston Scientific MedSurg president Dave Pierce said: “This close marks the third completed acquisition in 2018 for the company’s Urology and Pelvic Health portfolio, further building upon our substantial momentum in this category.
“The addition of the SpaceOAR Hydrogel System, which has been used in over 30,000 patients worldwide and reviewed by more than 55 peer-reviewed publications, continues to strengthen our leadership in prostate health.”
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Boston Scientific anticipates that the addition of the SpaceOAR Hydrogel System would further strengthen its position in the prostate health segment.
The company also said that the system addresses the need to protect healthy organs at risk (OAR) during prostate cancer radiotherapy.
The system is expected to enhance Boston Scientific’s prostate health portfolio, which currently includes therapies to treat benign prostatic hyperplasia such as the Rezūm System, the GreenLight XPS Laser Therapy System, and holmium laser platforms.
In August, Boston Scientific also signed an agreement to acquire US-based Veniti for $160m. The deal increases the company’s existing 25% stake in Veniti.
Veniti developed the self-expanding VICI stent system for use in the venous anatomy.