Boston Scientific has closed an investment and entered into an acquisition option agreement with Millipede, which has developed the “IRIS” transcatheter annuloplasty ring system for the management of severe mitral regurgitation.
Under the terms of the agreements, a press release reports, Boston Scientific has purchased a portion of the outstanding shares of Millipede along with newly issued shares of the company for a total consideration of $90M.
Boston Scientific has the option to acquire the remaining shares of the Millipede at any time prior to the completion of a first in human clinical study that meets certain parameters. Upon the completion of the clinical study, Millipede has the option to compel Boston Scientific to acquire the remaining shares of the company. Each company’s option period expires by the end of 2019. Completion of this acquisition would result in an additional US$325M payment by Boston Scientific at closing with a further US$125M becoming payable upon achievement of a commercial milestone.
According to the press release, the Millipede IRIS annuloplasty ring—elivered via a transcatheter-transseptal delivery system—follows the standard surgical approach to repair and reduce the size of a dilated mitral annulus. The IRIS device is a complete ring designed to be used as a standalone device, or in combination with other technologies in patients with severe mitral regurgitation. The device is designed to be highly customisable to a specific patient’s anatomy and disease state, and is repositionable and retrievable to promote a high-quality outcome.
Ian Meredith executive vice president and global chief medical officer, Boston Scientific, comments: “Intervening with the least invasive approach at earlier stages of severe mitral regurgitation has the greatest opportunity to alter the natural history of the disease and the progression to heart failure. We believe that restoring mitral annular dimensions via a transcatheter mitral annuloplasty ring will be a crucial component to effective, minimally invasive improvement of mitral valve function for appropriately-indicated patients.”
“We saw an opportunity to bring the gold-standard surgical approach to repairing the mitral valve to an underserved population of severe MR patients with transcatheter techniques, and are excited Boston Scientific also sees the unique abilities of the IRIS transcatheter ring,” says Joe Cunningham, chairman of the board, Millipede.