US-based medical equipment manufacturer Boston Scientific has signed an agreement to acquire a venture-backed medical device firm Xlumena, for around $75m.
Under the deal, Boston Scientific will pay an upfront payment of $62.5m to Xlumena, and an additional payment of $12.5m, once the firm’s Hot Axios product clears FDA approval.
Xlumena develops, manufactures and sells minimally invasive devices for endoscopic ultrasound (EUS) guided transluminal drainage of targeted areas within the gastrointestinal tract.
Boston Scientific endoscopy president and senior vice-president David Pierce said: "We believe the acquisition of Xlumena and their minimally-invasive products combined with the Boston Scientific broad product portfolio demonstrates our commitment to advancing the field of interventional EUS therapeutics.
"Our combined technologies enable physicians to diagnose and treat diseases of the pancreatico-biliary system using less invasive procedures. We are very pleased to be able to accelerate the global reach of the Axios stent and to be at the forefront of this fast growing segment."
Xlumena’s product portfolio includes Axios and Hot Axios stent and delivery systems.
The Axios stent and delivery system obtained approval from the US Food and Drug Administration (FDA). It is claimed to be the world’s first stent developed for endoscopic ultrasound-guided transluminal drainage of symptomatic pancreatic pseudocysts.
The next-generation Hot Axios stent and delivery system integrates cautery into the delivery of the Axios stent. Both systems received CE mark approval to facilitate transgastric or transduodenal endoscopic drainage of pancreatic pseudocysts or the biliary tract.
Xlumena president and CEO Greg Patterson said: "We are proud to see our technology evolve in conjunction with Boston Scientific’s portfolio and provide patients a holistic and minimally invasive solution."
In last month, Boston Scientific signed an agreement with Endo International to acquire American Medical Systems’ (AMS) urology portfolio, for around $1.6bn in cash.
Image: Boston Scientific’s Corporate Headquarters in Marlborough, Massachusetts. Photo: courtesy of Boston Scientific Corporation.