Danish medical device company Coloplast has completed the acquisition of Nine Continents Medical for a $145m upfront cash payment.

The transaction also includes an additional contingent future milestone payment.

Established in 2014, Nine Continents Medical is an early stage company that developed an implantable tibial nerve stimulator (ITNS) to treat over-active bladder (OAB).

Nine Continents’ ITNS is a miniaturised and self-powered unit

The ITNS is a miniaturised and self-powered unit designed to place in the lower leg under local anesthesia during a short and minimally invasive procedure.

According to the company, the solution needs no patient activation, recharging or recurring doctor visits, and is based on the clinically proven mode of action of percutaneous tibial nerve stimulation.

Coloplast is planning to begin pivotal studies with ITNS in 2021. The data from the study will be used to secure pre-market approval for a class III device in the US and EU market approvals in the 2024-2025 timeframe.

The acquisition of Nine Continents will allow Coloplast to enhance its organic and inorganic growth opportunities in the interventional urology business.

Coloplast president and CEO Kristian Villumsen said: “I am excited about the prospects of the Nine Continents device and pleased to confirm our commitment to the Interventional Urology business with this acquisition in the large OAB market.

“There is a large group of patients in the US and abroad suffering from OAB, and with Nine Continents’ innovative, minimally invasive device we hope to help these people live a better life.”

In October, medical technologies provider Teleflex agreed to acquire US-based medical device manufacturer Z-Medica for an upfront cash payment of $500m.

Based in Wallingford of Connecticut, Z-Medica is engaged in the development and marketing of advanced haemorrhage control products.