US-based Spectranetics has entered into an agreement with Covidien to acquire its Stellarex drug coated angioplasty balloon (DCB) platform, for around $30m.

According to Spectranetics, the Stellarex DCB platform is expected to receive European CE mark approval in late 2014 or early 2015.

Spectranetics president and CEO Scott Drake said: "This acquisition advances SPNC’s objective to provide comprehensive solutions to cross, prepare and treat the most complex vascular conditions.

"Drug coated balloons are and will be an integral part of the vascular landscape for many years to come. Global thought leaders believe that primary patency is the most important clinical metric, and Stellarex’s feasibility data stands apart."

The company will launch the product immediately in Europe, upon the receipt of CE mark approval, but plans to commercialize the device in the US in 2017, following FDA approval.

Subject to approval by the Federal Trade Commission and other regulatory agencies, the transaction is expected to be completed in early 2015.