Boston Scientific to pay $70M for Texas company
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Marlborough-based Boston Scientific will expand its cancer treatment offerings with the $70 million purchase of a Texas company.
Marlborough-based Boston Scientific will expand its cancer treatment portfolio with the $70 million purchase of a portion of Texas-based CeloNova Biosciences.
Boston Scientific will make an upfront payment of $70 million for CeloNova’s interventional radiology business, according to a statement from Boston Scientific. The San Antonio-based CeloNova is a medical device company that develops endovascular and interventional cardiology technologies.
The agreement includes drug-eluting microspheres designed to be loaded with chemotherapy drugs for delivery to cancerous tumors, Boston Scientific said, as well as other cancer-treatment delivery devices. These devices will fuel growth of Boston Scientific’s cancer solutions, especially in emerging markets, according to Jeff Mirviss, head of Boston Scientific’s Peripheral Interventions division, said in a statement.
The significant clinical scale and commercial reach of Boston Scientific will help expand the value of these innovative technologies, CeloNova BioSciences President and CEO Martin J. Landon said in a statement, bringing the benefits of these therapies to more patients around the world.
Payments in addition to the $70 million will be contingent on regulatory and sales milestones, according to Boston Scientific.
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