MedAlliance is to be acquired by Cordis, it was announced today, after the two companies reached agreement for an acquisition which includes an initial investment of US$35 million and upfront closing payment of US$200 million.
The transaction will also involve regulatory achievement milestones of up to US$125 million and commercial milestones of up to US$775 million through 2029 for a total consideration of up to US$1.135 billion.
“We are very fortunate to find a partner like Cordis, with its strong history of innovation. The company that introduced sirolimus drug-eluting stents (DESs) in 1999 will be introducing the Selution SLR sustained limus release sirolimus drug-eluting balloons (DEBs), avoiding permanent metal implants and providing patients around the world with stent-less percutaneous coronary intervention (PCI),” commented Jeffrey B Jump, chairman and CEO of MedAlliance.
“Nearly twenty years ago, Cordis introduced Cypher, the first DES, transforming cardiovascular treatment for patients around the world,” said Shar Matin, Cordis CEO. “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.”
“I am excited to report on the positive Selution SLR data to date, with first-hand experience of the impressive clinical outcomes from patients treated with Selution SLR in Japan, India, Europe, and South America. We are now leading the effort to emulate these results in the USA. This technology has the distinct opportunity to change the treatment paradigm for patients suffering from cardiovascular and peripheral vascular disease,” commented George Adams (Rex Hospital Inc, Raleigh, USA) principal investigator of the US SELUTION4SFA IDE study.
Selution SLR was awarded CE mark approval for the treatment of peripheral artery disease in February 2020 and for the treatment of coronary artery disease in May 2020. The US Food and Drug Administration FDA has awarded Selution SLR with four breakthrough designations: for the treatment of atherosclerotic lesions in native coronary arteries; coronary in-stent restenosis; peripheral below-the-knee and arteriovenous fistula in patients on haemodialysis. Coronary, below-the-knee and superficial femoral arterial indications have received FDA interventional device exemption approval and clinical studies are currently enrolling.
More than 500 patients of the 3,326 planned have already been enrolled in the coronary randomised controlled study comparing Selution SLR with any limus DES, powered to demonstrate superiority of Selution SLR DEB over DES. SELUTION DeNovo is the largest DEB study ever initiated and has the potential to change medical practice, MedAlliance said in a press release.
Selution SLR’s technology involves unique MicroReservoirs made from biodegradable polymer intermixed with the antirestenotic drug, sirolimus. The MicroReservoirs provide controlled and sustained release of the drug for up to 90 days.