Boston Scientific to acquire Calif. biotech for $465M
Marlborough medical device giant Boston Scientific will acquire a California biotech company specializing in treating lumbar spinal stenosis for at least $465 million.
Vertiflex has developed and commercialized the Superion Indirect Decompression System, a minimally invasive device used to treat the condition, which is a narrowing of the spinal cord in the lower spine.
The device, which is used by physicians treating chronic pain, is expected to reach $60 million in sales this year.
The system was approved by the U.S. Food & Drug Administration in 2015 to help create space between in the spinal cord to alleviate pressure on the nerves and relieve pain, numbness and cramping in the legs.
A two-year trial for the device showed 90% of patients were satisfied with the treatment and leg pain was reduced in 80% in a long-tern follow-up cohort. Recent data shows 85% reported a decrease in opioid use.
Per the deal, the $465 million will be paid in upfront cash, and other payments will be made upon commercial milestones over the next three years.
The transaction is the first announced by Boston Scientific in 2019 after a busy streak of announcing acquisitions last year totaling more than $5.6 billion.
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