Boston Scientific to Acquire Transcatheter Valve Company
November 23, 2010 – Boston Scientific will acquire Sadra Medical, a development-stage company in Los Gatos, Calif. Boston Scientific will pay $193 million up front, plus potential payments of up to $193 million upon achievement of specified regulatory and revenue-based milestones through 2016. The transaction is expected to be completed in the fourth quarter 2010 or early 2011.
Sadra is developing the Lotus Valve System, the first fully repositionable device for percutaneous aortic valve replacement to treat patients with severe aortic stenosis. It consists of a stent-mounted tissue valve prosthesis and catheter delivery system for guidance and placement. The low-profile delivery system and introducer sheath are designed to enable accurate positioning, repositioning and retrieval at any time prior to release of the aortic valve implant. The company has already undergone a series of European feasibility studies for the device.
"The acquisition of Sadra demonstrates Boston Scientific's commitment to providing the most complete and advanced portfolio of less-invasive technology solutions across the entire continuum of cardiovascular care," said Hank Kucheman, executive vice president and group president, cardiology, rhythm and vascular for Boston Scientific. "Structural heart disease -- and in particular percutaneous valve replacement -- is an important emerging technology for interventional cardiologists, and we believe the Lotus Valve System can offer significant competitive advantages over existing technologies. We are eager to devote our expertise and resources to help make this product available to physicians and their patients."
Boston Scientific has been a strategic investor in Sadra Medical since 2006.
For more information: www.bostonscientific.com, www.sadramedical.com
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