Boston Scientific Acquires Millipede for $325 Million to Expand Minimally Invasive Mitral Valve Repair Portfolio
On December 28, 2018, VCBeat (WeChat official account: vcbeat) learned that Boston Scientific Corporation (NYSE: BSX) announced today that it had acquired Millipede, a developer of IRIS transcatheter annuloplasty technology, for approximately $325 million, with the option to invest an additional $125 million based on commercial milestones.
It is reported that Millipede, headquartered in Santa Rosa, California, manufactures the IRIS transcatheter annuloplasty ring for the treatment of mitral regurgitation. In January this year, Boston Scientific, headquartered in Boston, USA, initially invested $90 million in Millipede and secured an option to acquire the remaining shares of Millipede for $325 million, with an additional $125 million in milestone payments.
Boston Scientific Corporation stated that, based on the first-in-human clinical study of Millipede, it has decided to proceed with the acquisition, noting that the transaction will expand its investments in structural heart disease.
“We are very pleased with the early results of our clinical program and are excited to see this technology further leveraged by Boston Scientific to expand mitral valve repair solutions for patients worldwide,” said Randy Lashinski, Co-Founder and CEO of Millipede.
Boston Scientific stated that the IRIS system reduces the size of the dilated mitral annulus in patients by utilizing a complete annuloplasty ring. The system is designed to be used either in conjunction with a transseptal delivery system or as a standalone device, and it can also be combined with other devices for patients with severe mitral regurgitation.
“We believe the IRIS system can meet the needs of underserved patient populations. They require physiological, less invasive treatment options for mitral regurgitation associated with progressive heart failure,” said Ian Meredith, Global Chief Medical Officer at Boston Scientific, in a press release. “This device can be customized to each patient’s specific mitral valve anatomy and disease state, and is repositionable and retrievable to facilitate high-quality outcomes.”
According to statistics, Boston Scientific has acquired 41 companies. Earlier, Boston Scientific signed a series of new loan agreements, including a large credit facility that could be used to finance the approximately $4 billion acquisition of UK medical device manufacturer BTG. The company officially completed the acquisition of BTG on November 20, 2018.
Headquartered in Santa Rosa, California, Millipede was founded in August 2012 by Dr. Steven F. Bolling, a renowned cardiac surgeon from the University of Michigan. His goal is to provide the gold standard for heart valve repair—a complete ring annuloplasty performed via catheter-based procedures. This innovative repair approach not only has the potential to reduce mortality and morbidity but also expands treatment options for millions of people worldwide.
IRIS is a complete, semi-rigid annuloplasty ring designed to replicate the gold standard of valve repair—a complete annuloplasty ring. IRIS reduces the diameter of the valve annulus, restores leaflet coaptation, and reduces regurgitation.
Boston Scientific is a leading innovator in medical solutions, dedicated to improving the health of patients worldwide. Its products and technologies are widely used to diagnose or treat various conditions across multiple specialties, including cardiology, gastroenterology, pulmonology, vascular care, urology, women’s health, and chronic pain management.
The company is committed to delivering high-performance services to patients, clinicians, and shareholders, working collaboratively to pursue global opportunities that expand the scope of healthcare solutions.