Boston Scientific (NYSE:BSX) announced that it has completed its acquisition of Iris transcatheter annuloplasty ring developer Millipede (Santa Rosa, Calif.). The company announced the acquisition plan in December last year.
The deal was worth approximately $325 million with the opportunity for an additional $125 million based on commercial milestone. The company said in December that it expects the deal to be dilutive to its earnings per share for the next several years. Marlborough, Mass.-based Boston Scientific also said that “all dilutive impact is expected to be absorbed via internal trade-offs,” and it expects no impact on net adjusted EPS.
Millipede’s Iris system is a complete annuloplasty ring that reduces the size of a dilated mitral annulus. It is designed to be used with a transeptal delivery system and can also be used as a standalone device or with other devices that are intended for use in patients with severe mitral regurgitation.
The purchase will help Boston Scientific expand its structural heart portfolio.