Boston Scientific has closed an investment and signed an acquisition option agreement, focusing on heart valve repair with Millipede.
Under the agreement, Boston Scientific has bought certain outstanding and newly issued shares of Millipede for a total consideration of $90m.
The terms further provide Boston Scientific with an option to acquire the remaining shares of Millipede for an additional $325m at any time before the completion of the first clinical trial of the firm’s IRIS Transcatheter Annuloplasty Ring System.
Upon completion of this study, Millipede exercises the option to compel Boston Scientific to purchase its remaining shares. The option period of both the companies expires by the end of 2019.
Millipede is further eligible for a $125m payment upon achieving a commercial milestone.
Boston Scientific executive vice-president and global chief medical officer Ian Meredith said: “Intervening with the least invasive approach at earlier stages of severe mitral regurgitation has the greatest opportunity to alter the natural history of the disease and the progression to heart failure.
“We believe that restoring mitral annular dimensions via a transcatheter mitral annuloplasty ring will be a crucial component to effective, minimally invasive improvement of mitral valve function for appropriately indicated patients.”
Developed to treat severe mitral regurgitation (MR), the Millipede IRIS annuloplasty ring is delivered through a transcatheter-transseptal delivery system to repair and minimise the size of the dilated mitral annulus.
Millipede board chairman Joe Cunningham said: “We saw an opportunity to bring the gold-standard surgical approach to repairing the mitral valve to an underserved population of severe MR patients with transcatheter techniques, and are excited Boston Scientific also sees the unique abilities of the IRIS transcatheter ring.”