Boston Scientific acquires Calif. firm for up to $160M
Courtesy | Boston Scientific
Boston Scientific's headquarters are located in Marlborough.
Boston Scientific is showing no signs of slowing its aggressive acquisition strategy as the medical device giant is set to acquire a privately held obstructive disease firm for up to $160 million.
California-based VENITI, Inc. is the newest medical device firm to be gobbled up by Marlborough’s Boston Scientific, which has now announced acquisitions of more than $1.5 billion this year alone.
Boston Scientific has invested in VENITI since 2016 and will acquire the remaining 75 percent of the company it doesn’t already own. The transaction includes $108 million in up-front cash and up to $52 million in payments following the U.S. Food and Drug Administration's approval of the firm’s VICI stent system.
The system treats venous obstructive disease - instances of abnormal, blocked or damaged veins - which can prevent proper blood circulation and cause swelling, pain and ulcers. A stent is often placed in the obstructed vessel to encourage better blood flow to the heart and lungs.
The VICI was designed for use in the venous anatomy to withstand compression and maintain patency and flexibility over the course of a patient’s life expectancy, Boston Scientific said.
The device is authorized for sale in Europe. VENITI submitted a pre-market approval application to the FDA in June.
According to the company, the system would be the U.S.’s first specifically indicated for use in the peripheral venous system.
Boston Scientific opened trading Monday with shares up more than 3 percent at $34.24, the highest price for the month of August.
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