The transaction, consisting of an upfront payment of US$70 million and additional payments contingent on regulatory and sales milestones, will expand Boston Scientific’s interventional oncology portfolio with drug-eluting microspheres and spherical embolics.
Boston Scientific has entered into a definitive agreement to acquire the interventional radiology portfolio of CeloNova Biosciences. The structured agreement includes drug-eluting microspheres designed to be loaded with chemotherapy drugs for delivery to cancerous tumours, and spherical embolic products used to treat uterine fibroids and other conditions. The transaction consists of an upfront payment of US$70 million and additional payments contingent on regulatory and sales milestones.
“As we continue to build our interventional oncology business, we expect that the team and technologies included in this acquisition will fuel growth in solutions to treat challenging diseases such as liver cancer, particularly in emerging markets” said Jeff Mirviss, senior vice president and president, peripheral interventions, Boston Scientific. “More than 700,000 people worldwide are diagnosed with liver cancer each year, and the disease is one of the leading causes of cancer deaths in China and many parts of Southeast Asia. These technologies offer tremendous promise to improve the quality of care by reducing both the cost and side-effects associated with traditional treatments.”
The transaction includes the Embozene Tandem drug-elutable microspheres, precisely calibrated spheres that can be embedded with drugs used to treat liver cancer, and the USA commercialised Oncozene and Embozene microspheres, technologies used to treat hypervascular tumours, arteriovenous malformations and hepatoma. CeloNova has received an investigational device exemption from the USFDA for the SOLACE trial, a randomised, controlled study of the Oncozene microspheres loaded with chemotherapy agent doxorubicin, expected to begin in the fourth quarter of 2015.
The transaction is expected to close by year end 2015, subject to customary closing conditions. The Embozene Tandem drug-elutable microsphere has received CE mark, but is not available for sale in the USA. The Oncozene microsphere loaded with doxorubicin is an investigational device limited by US federal law to investigational use only; it is not available for sale.