Nearly one year on from announcing it had agreed to acquire drug-eluting balloon company MedAlliance, Cordis has completed the takeover in a deal that could surpass $1bn, depending on the attainment of certain milestones.
Cordis, who has a range of cardiovascular devices, including percutaneous transluminal angioplasty (PTA) balloons, will pay an upfront closing payment of $200m and an investment of $35m to Swiss-based MedAlliance. As per the deal, there are regulatory milestones and commercial milestone payments worth $125m and $775m respectively up to 2029.
The cardiovascular device market is predicted to be worth $82bn by 2030.
Cordis’ financial crosshairs aligned onto MedAlliance’s drug-eluting balloon programme, which contains the SELUTION Sustained Limus Release (SLR) device.
In 2020, the balloon received CE mark approval for the treatment of coronary artery disease. The company has also received several investigational device exemptions for cardiovascular indications for its balloon coated in the anti-restenotic drug sirolimus. The device utilises proprietary technology to enable release of the drug for up to 90 days via micro reservoirs.
SELUTION SLR is currently being investigated in three studies, including a randomised trial (NCT04327609) to treat failed arteriovenous fistula in renal dialysis patients. MedAlliance completed enrolment for the study in August 2023. A study in coronary de novo artery disease is also slated to commence in the coming weeks.
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Cordis will now have access to data from MedAlliance’s SELUTION DeNovo European trial (NCT04859985), which aims to compare the device to other limus drug-eluting stents in over 3,000 estimated participants in coronary lesions.
MedAlliance’s founder, chairman and CEO Jeffrey B. Jump said: “The Cordis acquisition will accelerate access to this breakthrough technology for patients around the globe suffering from coronary and peripheral disease.”
“The arsenal of SELUTION SLR drug-eluting balloon clinical data is designed to change medical practice and improve patient outcomes.”
Cordis was sold to private equity firm Hellman Friedman from Cardinal Health for approximately $1bn in August 2021.