Boston Scientific to purchase Sadra Medical

Boston Scientific has agreed a deal to purchase Sadra Medical, the developer of an innovative new percutaneous aortic valve replacement device.

The company will pay an initial upfront fee of $225 million (141.2 million pounds) to take control of the California-based Sadra Medical, plus an additional $225 million depending on certain regulatory and revenue-based milestones through to 2016.

It comes after Sadra Medical recently completed a series of European feasibility studies for its Lotus Valve System, which is designed to offer an accurate and relatively non-invasive treatment option for severe aortic stenosis patients.

Boston Scientific now expects the transaction to close in the fourth quarter of 2010 or the first quarter of 2011.

Hank Kucheman, Boston Scientific's executive vice-president and group president of cardiology, rhythm and vascular, said: "Percutaneous valve replacement … is an important emerging technology for interventional cardiologists and we believe the Lotus Valve System can offer significant competitive advantages over existing technologies."

Last month, the company announced that it will be selling off its neurovascular business unit to Stryker as it looks to refocus its portfolio.