Boston Scientific closes on $465M purchase of Calif. biotech

Boston Scientific has closed on the $465-million acquisition of a California biotech about a month after announcing the deal that bolster’s the Marlborough medical device giant’s pain management offerings.

The company is Vertiflex, based in Carlsbad, which makes a device to treat patients with lumbar spinal stenosis.

The device, the Superion Indirect Decompression System, is expected to fetch $60 million in sales this year.

The acquisition price includes other additional payments contingent on commercial milestones for the next three years.

The device was approved by the U.S. Food and Drug Administration in 2015. It works by creating space between the spinous processes of the vertebrae, reducing pressure on the nerve to improve mobility and relieve pain and cramping in the legs. 

It is marketed as an alternative treatment option for patients who don’t respond well to other treatments like oral pain medication and steroid injections. 

Vertiflex is Boston Scientific’s first completed acquisition of the year.