Boston Scientific (NYSE:BSX) said yesterday that it closed the $600 million acquisition of Augmenix and its SpaceOar device.
The deal for Bedford, Mass.-based Augmenix, announced in September, called for $500 million in up-front cash and another $100 million pegged to sales-based milestones.
“This close marks the third completed acquisition in 2018 for the company’s urology & pelvic health portfolio, further building upon our substantial momentum in this category,” medsurg president Dave Pierce said in prepared remarks. “The addition of the SpaceOAR hydrogel System, which has been used in over 30,000 patients worldwide and reviewed by more than 55 peer-reviewed publications, continues to strengthen our leadership in prostate health.”
The SpaceOar hydrogel device, which won CE Mark approval in the European Union in 2010 and 510(k) clearance from the FDA in April 2015 , is designed to separate the prostate from the rectal wall during radiation treatment for prostate cancer. The product is delivered through a small needle as a liquid, which then solidifies into a soft gel that expands the space between the prostate and rectum during radiotherapy. After about three months, the substance begins to liquefy and is absorbed and cleared from the body in the patient’s urine within about six months.
Marlborough, Mass.-based Boston Scientific has said that SpaceOar sales could hit $50 million this year and near the $90 million mark next year, adding to adjusted earnings per share in 2020.
