Boston Scientific acquires California firm for up to $276M
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Boston Scientific's Marlborough headquarters
Boston Scientific said it has acquired its fifth company of 2018, this time of a privately-held California firm that makes a device for detecting ovarian cancer.
The acquisition of nVision Medical Corp., based in San Bruno, Calif., includes an initial cash payment of $150 million and up to another $126 million contingent upon clinical and commercial milestones over four years.
According to Boston Scientific, nVision has developed the only federally-cleared device to collect cells from fallopian tubes, which is hoped to provide an earlier diagnosis of ovarian cancer.
The company estimates the near-market opportunity to be $500 million with the potential to grow to $2 billion as more gynecologists use the device.
According to Boston Scientific, there are currently no recommended early screening tests and no effective way to biopsy cells from the fallopian tubes, which is where some types of ovarian cancer is thought to originate.
“Initial clinical research by nVision has demonstrated that the device effectively collects cells which, when tested, correlate with a post-surgery definitive diagnosis of ovarian cancer,” Boston Scientific said.
The latest purchase adds to a recent buying spree for Boston Scientific.
Boston Scientific said last month it plans to buy a Minnesota firm making minimally invasive therapy for men with prostate issues in a deal valued at up to $406 million. It also announced in March the purchase of the British company EMcision, which makes pancreatic cancer treatments, for an undisclosed price. In January, the company said it was paying $540 million for the California blood treatment company Millipede.
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