Boston Scientific agrees to acquire Calif. firm for $75M
Marlborough-based medical device manufacturer Boston Scientific has reached an agreement to acquire Xlumena Inc. Based in Mountain View, Calif., Xlumena makes minimally invasive devices to drain targeted areas of the gastrointestinal tract through endoscopic ultrasound.
The deal is valued at $75 million and was expected to close this week, Boston Scientific (BSX) said in a statement Wednesday afternoon.
The announcement comes roughly 30 days after BSX announced it would acquire the urology division of American Medical Systems for about $1.65 billion in cash. That deal, expected to close later this year, would be Boston Scientific's largest acquisition since it bought cardiovascular products maker Guidant Corp. in 2006 for $27.2 billion.
The portofolio of products for venture-backed Xlumena includes the AXIOS and HOT AXIOS stent and delivery systems. AXIOS received clearance from the U.S. Food and Drug Administration (FDA) and is the world first stent designed for endoscopic ultrasound-guided transluminal drainage of symptomatic pancreatic pseudocysts, BSX said in its announcement.
"We are proud to see our technology evolve in conjunction with Boston Scientific's portfolio and provide patients a holistic and minimally invasive solution," said Greg Patterson, president and CEO of Xlumena, in the BSX statement.
BSX said the agreement calls for an upfront payment of $62.5 million, an additional payment of $12.5 million upon FDA clearance of HOT AXIOS, and further sales-based milestones based on sales achieved through 2018, Boston Scientific said.
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