Cordis this week announced it will acquire MedAlliance for a total consideration of over $1 billion.
Through the deal, Cordis will pay an initial investment of $35 million and an upfront closing payment of $200 million. In addition, it will pay regulatory achievement milestones of up to $125 million. Plus, commercial milestone payments could reach up to $775 million through 2029.
The total value of the deal could reach over $1.135 billion.
Cordis, which develops and manufactures interventional cardiovascular and end-vascular technology, will acquire MedAlliance’s coronary and peripheral artery treatment devices. MedAlliance tech includes its sustained sirolimus drug-eluting balloon Selution SLR.
“We are very fortunate to find a partner like Cordis, with its strong history of innovation. The company that introduced sirolimus drug-eluting stents (DES) in 1999 will be introducing the Selution SLR sustained limus release sirolimus drug-eluting balloons (DEB), avoiding permanent metal implants and providing patients around the world with stent-less PCI,” MedAlliance CEO Jeffrey Jump said in a news release.
More about MedAlliance and Cordis
Selution SLR’s technology uses MicroReservoirs made from biodegradable polymer mixed with the anti-restenotic drug sirolimus. It provides controlled and sustained release of the drug for up to 90 days. MedAlliance said the extended release of sirolimus from stents can be highly efficacious in coronary and peripheral vasculatures.
Selution SLR is available in Europe and countries where the CE mark approval is recognized.
“Nearly twenty years ago, Cordis introduced Cypher, the first drug-eluting stent, transforming cardiovascular treatment for patients around the world,” said Cordis CEO Shar Matin. “As a newly independent company, we are beyond proud to further our legacy of innovation and market disruption with MedAlliance and the first MicroReservoir sirolimus drug-eluting balloon, Selution SLR.”
It’s been more than a year since Cardinal Health sold Cordis to private equity firm Hellman & Friedman for $1 billion. Cordis is one of the 100 largest medical device companies in the world.