Boston Scientific is proving itself to have more stamina than the Energizer Bunny when it comes to making acquisitions. The Marlborough, MA-based company is now picking up Veniti, a firm that has developed a stent system for treating venous obstructive disease. The deal consists of $108 million up-front cash as well as up to $52 million in payments contingent upon FDA’s approval of the VICI stent system.
Boston Scientific had been an investor in Veniti since 2016 and owns 25% of the company.
Fremont, CA-based Veniti’s self-expanding, nitinol VICI stent system was developed specifically for use in the venous anatomy, which presents different challenges than placing stents in the arterial vascular system.
“This stent system was designed with the distinctive demands of the venous system in mind and built to provide physicians with a high-quality lumen across a variety of venous anatomies and disease states,” Jeff Elkins, president and CEO of VENITI, said in a release. “We are excited to see this stent technology become even more accessible to physicians and the patients they treat under the leadership of Boston Scientific.”
The VICI stent system received CE Mark in 2013 and VENITI submitted a PMA application to the FDA in June, using results from the recently completed VIRTUS pivotal study. Currently in the U.S., there are no stent technologies specifically indicated for use in the peripheral venous system.
“VICI could be the first venous stent in the US with a specific peripheral venous system indication,” Mike Matson, an analyst with Needham & Company, wrote in a research note. “We believe that 12 month data from the VIRTUS pivotal study is positive and should support FDA approval (though we note the study has a five year follow up period).”
Read More at the Source: Another Day, Another Boston Sci Acquisition | MDDI Online
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