Medical solutions provider Boston Scientific has completed the acquisition of Vertiflex for $465m (£365.6m).
Vertiflex is a privately-held company, which developed and commercialized Superion indirect decompression system.
Superion is a minimally-invasive device developed to improve physical function and decrease pain in patients with lumbar spinal stenosis (LSS), the narrowing of the spinal canal resulting in compression of nearby nerves.
In 2015, the Superion system secured approval from the US Food and Drug Administration for the treatment of patients with moderate degenerative LSS through creating space between the spinous processes of the vertebrae.
The space creation will help reduce pressure on the nerves, and enhance patient mobility and relieve pain, numbness and cramping in the legs.
According to the company, the Superion system was demonstrated to be a safe and effective treatment option for patients with moderate degenerative LSS in the pivotal, two-year and randomized trial with around 400 patients.
Boston Scientific said that the acquisition of Vertiflex adds the only FDA-approved, commercially-available and minimally-invasive interspinous spacer to its pain management portfolio that also includes spinal cord stimulation and radiofrequency ablation.
Based in Carlsbad of California, Vertiflex was established in 2005 and employs around 100 people.
The deal is also comprised of additional payments based on achievement of commercial milestones in the next three years.
Boston Scientific neuromodulation president Maulik Nanavaty said: “The addition of the Vertiflex procedure to our pain management portfolio advances our pain category leadership strategy, while also providing physicians with additional non-opioid pain management solutions that can help improve the lives of the growing number of patients suffering from chronic pain.”
In September 2018, Boston Scientific agreed to acquire US-based prostate therapy developer Augmenix in an agreement valued at around $600m (£471m).
Augmenix is a privately-held company which has developed and commercialized the SpaceOAR system, a therapy used to reduce common and debilitating side effects that men may experience after receiving prostate cancer radiotherapy.