Boston Scientific agrees investment and acquisition deal for Millipede

Boston Scientific has closed an investment and entered into an acquisition option agreement deal with the medical technology firm Millipede.

The deal will see Boston Scientific pay an upfront fee of $90 million (GBP 62.88 million), with an option to acquire the remaining shares of the company at any time prior to the completion of a first in-human clinical study of Millipede's Iris transcatheter annuloplasty ring system.

Delivered via a transcatheter-transseptal system, Iris follows the standard surgical approach to repair and reduce the size of a dilated mitral annulus, for the treatment of severe mitral regurgitation.

It is designed to be used as a standalone device or in combination with other technologies, and is highly customisable to specific anatomies and disease states, as well as being repositionable and retrievable when necessary.

If Boston Scientific chooses to acquire Millipede, it would pay out $325 million, with a further $125 million becoming payable upon achievement of certain commercial milestones.

Professor Ian Meredith, executive vice-president and global chief medical officer at Boston Scientific, said: "We believe that restoring mitral annular dimensions via a transcatheter mitral annuloplasty ring will be a crucial component to effective, minimally invasive improvement of mitral valve function for appropriately-indicated patients."

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