Marlborough, Mass.-based Boston Scientific said it currently owns 25% of the company and will pay $108 million in up-front cash for the remaining stake in Veniti, with an additional $52 million on the line in milestone payments dependent upon FDA approval of its Vici stent system.
The Vici is a nitinol stent system developed specifically for use in the venous anatomy, and is designed to withstand compression and maintain patency and flexibility through out a patient’s lifespan, Boston Scientific said.
Veniti won CE Mark approval for the Vici stent in 2013 and submitted an FDA premarket approval application in June based on results from a pivotal study of the device. Currently, there are no stents specifically indicated for use in the peripheral venous system in the US, Boston Scientific said.
“This stent system was designed with the distinctive demands of the venous system in mind, and built to provide physicians with a high-quality lumen across a variety of venous anatomies and disease states. We are excited to see this stent technology become even more accessible to physicians and the patients they treat under the leadership of Boston Scientific,” Veniti prez & CEO Jeff Elkins said in a prepared statement.
Boston Scientific said it expects the acquisition to be immaterial to its EPS this year and next, and accretive after.
“With the unique benefits of this differentiated technology and the strong experience of Boston Scientific in the overall venous market, we believe the Vici stent will become an important choice for physicians who choose stents to treat patients suffering from venous disease. Along with our leading AngioJet thrombectomy platform and venous product pipeline, we look forward to meeting the needs of physicians treating both chronic and acute venous disease,” Boston Scientific peripheral interventions prez Jeff Mirviss said in a press release.
Earlier this week, a WARN act report emerged showing 85 upcoming layoffs for Boston Scientific at its Burlington, Mass.-based facilities.