Boston Scientific (NYSE:BSX) today said it agreed to pay $62.5 million up front for Xlumena and its Axios line of biliary devices, putting at least another $12.5 million on the table in potential milestones.
Mountain View, Calif.-based Xlumena makes the Axios and Hot Axios stenting systems, which won CE Mark approval in the European Union for transgastric or transduodenal endoscopic drainage of pancreatic pseudocysts or the biliary tract, Boston Scientific said.
The deal, which would see Xlumena trigger the $12.5 million milestone upon FDA clearance of the Hot Axios device, is expected to close this week, the Marlborough, Mass.-based company said. Further sales-based milestones are included through 2018, Boston Scientific said.
"We believe the acquisition of Xlumena and their minimally-invasive products combined with the Boston Scientific broad product portfolio demonstrates our commitment to advancing the field of interventional [endoscopic ultrasound] therapeutics," endoscopy president David Pierce said in prepared remarks. "Our combined technologies enable physicians to diagnose and treat diseases of the pancreatico-biliary system using less invasive procedures. We are very pleased to be able to accelerate the global reach of the Axios stent and to be at the forefront of this fast growing segment.”
“We are proud to see our technology evolve in conjunction with Boston Scientific’s portfolio and provide patients a holistic and minimally invasive solution," added Xlumena president & CEO Greg Patterson.
Boston Scientific said it expects the deal to be immaterial to adjusted earnings per share this year and next and "break-even to accretive" after that.