Danish medical device company Coloplast has acquired implantable tibial nerve stimulation (ITNS) treatment developer Nine Continents Medical for $145m.
The acquisition price includes upfront cash payment and an additional contingent future milestone payment.
Nine Continents Medical, which was established in 2014, developed ITNS as a treatment for overactive bladder (OAB).
OAB is a condition characterised by a variety of symptoms, including the need to urinate more frequently, increased urgency, incontinence or leakage, and a need to urinate at night.
ITNS is a miniaturised, self-powered unit placed in the lower leg in a short, minimally invasive procedure under local anaesthesia.
The unit does not require patient activation, recharging or recurring visits to the doctor and works on the clinically proven mode of action of percutaneous tibial nerve stimulation.
With the acquisition, Coloplast aims to initiate clinical studies of the device next year.
The company also expects to obtain pre-market approval for a Class III device in the US and EU market approvals in the 2024-2025 timeframe.
Coloplast president and CEO Kristian Villumsen said: “I am excited about the prospects of the Nine Continents device and pleased to confirm our commitment to the Interventional Urology business with this acquisition in the large OAB market.
“There is a large group of patients in the US and abroad, suffering from OAB, and with Nine Continents’ innovative, minimally invasive device, we hope to help these people live a better life.”
The acquisition is debt-financed, using existing credit facilities.
Piper Sandler is serving as financial advisor to Coloplast while Davis Polk & Wardwell LLP is serving as legal counsel for the company.