Surmodics, a provider of surface modification, drug delivery, and in vitro diagnostic technologies to the healthcare industry, has agreed to exclusively license its SurVeil drug-coated balloon device to Abbott.
The companies have signed a deal which will see Abbott have exclusive worldwide commercialization rights for SurVeil drug-coated balloon to treat the superficial femoral artery.
The drug-coated balloon is currently being assessed in a Transcend pivotal clinical study in the US.
Abbott has options to negotiate agreements for Surmodics' below-the-knee and arteriovenous (AV) fistula drug-coated balloon products that are currently in pre-clinical development.
Under the deal, the partnership will involve in the product development, clinical trials and regulatory activities to secure marketing approval for the novel drug-coated balloon in the US and Europe.
The SurVeil drug-coated balloon is said to expand Abbott's portfolio of vascular devices to treat peripheral artery disease (PAD), including stents and vessel closure devices.
SurVeil drug-coated balloon features a drug-excipient formulation for a durable balloon coating, and is produced via an advanced process to improve coating uniformity.
As per terms of the agreement, Surmodics will secure a $25m upfront payment and is eligible to receive an additional $67m based on the achievement of various product development milestones.
Once the device gets regulatory approval, Surmodics will take the responsibility for the production and supply of clinical and commercial quantities of the product.
It will realize revenue based on initial product sales to Abbott and share of profits generated from third-party sales
Abbott vascular business senior vice president Chuck Brynelsen said: "Abbott is committed to providing leading treatments for people with peripheral artery disease, and the SurVeil drug-coated balloon is a next-generation device that utilizes best-in-class technology.
Surmodics president and CEO Gary Maharaj said: "The SurVeil drug-coated balloon is the first device developed by Surmodics that combines our proprietary drug-delivery and surface technologies with our exceptional design, development and manufacturing capabilities.”
Abbott also provides medical devices to treat cardiovascular disorders, including cardiac rhythm management, electrophysiology, structural heart and heart failure.
Image: Abbott has partnered with Surmodics to commercialize SurVeil drug-coated balloon. Photo: courtesy of Abbott.