by
Thomas Dworetzky, Contributing Reporter | August 13, 2018
Boston Scientific has signed a deal to acquire all of VENITI, privately-held maker of the Vici Venous Stent, upfront in cash for $108 million, with an added sum of up to $52 million contingent on FDA clearance for the Vici stent system.
The east coast-based manufacturer initially invested in the Fremont, California firm in 2016, building up a 25 percent share of ownership in the company.
"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 chief executive officer of VENITI, said in a statement. "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."
Venous obstructive disease strikes over 1.1 million people in the U.S. and Western Europe each year. The self-expanding, nitinol VICI system addresses the specific challenges posed by venous anatomy, maintaining integrity for the life of the patient.
Receiving its CE Mark in 2013, the company submitted an application for premarket FDA approval based, in part, on the VIRTUS pivotal study in June.
"With the unique benefits of this differentiated technology and the strong experience of Boston Scientific in the overall venous market, we believe the VICI stent will become an important choice for physicians who choose stents to treat patients suffering from venous disease," said Jeff Mirviss, senior vice president and president of peripheral interventions at Boston Scientific. "Along with our leading AngioJet thrombectomy platform and venous product pipeline, we look forward to meeting the needs of physicians treating both chronic and acute venous disease."
The agreement is not expected to affect Boston Scientific's adjusted earnings per share (EPS) in 2018 and 2019, but is predicted to have an impact by 2020, being accretive thereafter.
The California-based business is the second to be acquired this summer by the Massachusetts enterprise,
following its acquisition in July of privately-held, California-based Claret Medical and its Sentinel Cerebral Embolic Protection System for $220 million. The solution is designed to protect patients against stroke during TAVR operations. A potential reimbursement-based milestone payment of up to $50 million was also included in the agreement.
