American medical devices maker Cordis has completed the previously announced acquisition of Swiss medical technology company MedAlliance in a deal worth up to $1.14bn, depending on the attainment of certain milestones.

Cordis, which provides interventional cardiovascular and endovascular technologies, will make a 2023 upfront closing payment of $200m to MedAlliance. This is in addition to an initial investment of $35m made in 2022.

Announced in October last year, the consideration also includes payments worth up to $775m for reaching certain commercial milestones as well as payments of up to $125m towards regulatory milestones through 2029.

MedAlliance founder, chairman, and CEO Jeffrey Jump said: “The Cordis acquisition will accelerate access to this breakthrough technology for patients around the globe suffering from coronary and peripheral disease.

“I want to thank our entire MedAlliance team – including physicians, distributors and clinical patients – who have succeeded in disrupting the coronary and peripheral markets to provide a safe and effective new technology.”

MedAlliance, which is based in Nyon, is engaged in the development and commercialisation of advanced drug-device combination products. Its SELUTION SLR (Sustained Limus Release) is a sirolimus drug-eluting balloon platform technology.

The device has a combination of biodegradable polymer intermixed with the drug sirolimus applied as a coating on the angioplasty balloon’s surface. This enables controlled and sustained release of the drug for up to 90 days through micro reservoirs.

The flagship product of MedAlliance is said to enhance Cordis’ current product line and its competence in sales, marketing, and distribution.

According to the Swiss medical technology firm, Cordis’ customers will gain from the thorough clinical study programme and publication plan that MedAlliance has implemented.

In February 2020, SELUTION SLR received the CE Mark approval for the treatment of peripheral artery disease. In the same year, in May, the device received CE Mark approval for the treatment of coronary artery disease.

The company also received the US Food and Drug Administration (FDA) Investigational Device Exemption (IDE) approval for multiple indications.

SELUTION SLR is currently being assessed in three FDA studies, with plans to start a fourth trial of patients with coronary de novo artery disease in the next few weeks.

Cordis CEO Shar Matin said: “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.”