Boston Sci Just Won’t Stop Buying Companies
There really doesn’t seem to be in sight to Boston Scientific’s recent buying spree. This time the Marlborough, Mass.-based company is picking up Claret Medical for about $220 million in upfront cash and a potential reimbursement-based milestone payment of up to $50 million. The deal is set to close sometime in the third quarter of 2018.
Santa Rosa, CA-based Claret has developed and received clearance for the Sentinel Cerebral Embolic Protection System. The device is used to protect the brain during certain interventional procedures, predominately in patients undergoing transcatheter aortic valve replacement(TAVR).
“Through the development and commercialization of the Sentinel System, Claret Medical has successfully introduced a new layer of safety and peace of mind for physicians and their patients undergoing TAVR procedures,” Kevin Ballinger, president, Interventional Cardiology, Boston Scientific, said in a release.
“This acquisition will expand our commercial portfolio to include an important adjunctive offering aimed at improving TAVR patient outcomes. We also see potential for future use in other left heart and endovascular procedures such as mitral valve repair and replacement, left atrial appendage closure and pulmonary vein isolation ablation procedures for atrial fibrillation.”
Endoscope manufacturers and healthcare facilities are under increased scrutiny from regulatory bodies, including the US FDA. It is essential that both manufactures and end users understand the increasing requirements enacted to improve patient safety.
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Such a deal is interesting considering the current state of Boston Scientific’s TAVR program.
Here’s a quick review.
The company halted commercial implants of the Lotus Edge in 2016 after a locking issue with one pin of the valve’s commisure was observed in seven of roughly 200 commercial implants (4%). Then, the company recalled all of its Lotus valves from the market in February of 2017 after getting reports of a similar mechanical problem with a pin that connects the valve to the delivery system.
Boston Scientific then announced in November 2017 that the Lotus Edge would be delayed again. News of the delay shaved $2.9 billion off of Boston Scientific’s market capitalization. Earlier this year, Boston Scientific said it would keep its Lotus Edge Valve off the market in Europe until 2019 – a year longer than initially expected.
The company is also developing the Acurate valve, a second TAVR option. Boston Scientific gained access to Acurate when it closed its $435 million acquisition of Symetis.