US-based biomedical engineering company Boston Scientific has signed a definitive agreement to acquire privately held medical technology company Relievant Medsystems.

Under the terms of the agreement, Boston Scientific will make an upfront payment of $850m in cash, along with additional contingent payments based on sales over the next three years.

The acquisition is expected to be completed in the first half of 2024, subject to satisfaction of customary closing conditions.

Boston Scientific expects Relievant to generate more than $70m in sales this year and deliver more than 50% year-over-year growth in 2024.

Boston Scientific neuromodulation president Jim Cassidy said: “We anticipate this novel, clinically-backed technology can support our category leadership strategy while expanding access to care for individuals who need personalised treatment.

“Upon close, we look forward to working with the Relievant team to explore opportunities to bring this high-growth therapy to a wider population of people living with chronic low back pain.”

Established in 2006, Relievant is a medical technology company that developed and commercialised the Intracept Intraosseous Nerve Ablation System.

The Intracept Intraosseous system is a minimally invasive, implant-free outpatient procedure, indicated to treat vertebrogenic pain, a type of chronic low back pain.

It leverages targeted radiofrequency energy to prevent the basivertebral nerve from transmitting pain signals to the brain, improve function and provide long-term relief.

The Intracept Intraosseous system is the only US Food and Drug Administration (FDA)-approved system for vertebrogenic pain, said Boston Scientific.

Relievant president and CEO Tyler Binney said: “Today is an exciting step forward to shaping the future of chronic low back pain with Boston Scientific as a leader in the interventional chronic pain space.

“This is a testament to the exceptionally talented Relievant team and the innovative engine behind the Intracept system.

“Together with Boston Scientific, we can accelerate our journey to provide life-changing relief to patients by transforming the diagnosis and treatment of vertebrogenic pain.”