por John R. Fischer
, Senior Reporter | October 04, 2023
Cordis has acquired MedAlliance.
Interventional coronary device maker Cordis has acquired MedAlliance in a deal that could be valued at up to more than $1.1 billion.
The company initially paid $35 million
in 2022 and has now put down an upfront payment of $200 million. It will pay up to $125 million upon the completion of regulatory milestones and up to $775 million for commercial milestones through 2029.
Cordis, which was acquired by Hellman & Friedman
in 2021, developed and commercialized CYPHER, the first drug-eluting stent for cardiovascular treatment.
MedAlliance, headquartered in Switzerland, is the developer of the first MicroReservoir sirolimus drug-eluting balloon, SELUTION SLR, for coronary and peripheral artery diseases. It utilizes MicroReservoirs, which contain a mixture of biodegradable polymer and anti-restenotic drug sirolimus, to coat the surface of angioplasty balloons to control and sustain the release of the drug for up to 90 days. The MicroReservoirs are coated upon the balloon by MedAlliance’s Cell Adherent Technology and transferred to adhere to the vessel lumen when applied as the balloon expands.
"The Cordis acquisition will accelerate access to this breakthrough technology for patients around the globe suffering from coronary and peripheral disease," said Jeffrey Jump, founder, chairman, and CEO of MedAlliance, in a statement.
SELUTION SLR has been used to treat patients in Japan, India, Europe, and South America. Three FDA studies are currently enrolling patients in the U.S. for coronary de novo artery disease, and a fourth is scheduled to begin in the next few weeks.
The SELUTION DeNovo trial in Europe has now enrolled over 1,700 out of 3,326 patients to evaluate SELUTION SLR against other limus drug-eluting stents, aiming to show its potential as an alternative to the standard treatment for the majority of de novo coronary lesions, which require a permanent metallic stent.
It received CE Mark Approval in 2020 for treating peripheral artery disease, followed by coronary artery disease in May 2020. It currently has FDA Breakthrough Designation status and FDA investigational device exemption (IDE) for below-the-knee and superficial femoral artery indications. It also has in-stent restenosis IDE approval and de novo coronary artery lesions approval since January 2023.