Cordis today announced its acquisition, subject to customary closing conditions including regulatory approvals, of MedAlliance.
A press release notes that the agreement includes an initial investment of US$35 million and US$200 million payment upon closing in 2023, regulatory achievement milestones up to US$125 million and commercial milestones up to US$775 million through 2029. Cordis will immediately begin co-promotion of MedAlliance’s Selution SLR drug-eluting balloon in markets where it is commercially available.
The Selution platform leverages spherical MicroReservoirs made from biodegradable polymer mixed with the drug to control the sustained release of sirolimus. The continuous manufacturing process produces millions of precisely formed, miniature drug delivery systems. According to Cordis, Selution SLR is the only drug-eluting balloon using MicroReservoirs and is designed to provide the longest and most effective pharmacokinetics release profile of any device on the market.
“Nearly twenty years ago, Cordis introduced Cypher, the first drug-eluting stent, transforming cardiovascular treatment for patients around the world,” said Shar Matin, Cordis CEO. “Today, we are furthering that legacy of innovation and market disruption with MedAlliance and the first MicroReservoir sirolimus drug-eluting balloon, Selution SLR.”
Duke Rohlen, executive chairman of Cordis added: “The acquisition of MedAlliance illustrates our vision to maximise patient impact by pairing highly innovative growth drivers with Cordis’ trusted brand and extensive global commercial capabilities.”
Jeffrey B Jump, chairman and CEO of MedAlliance, commented: “When looking for a partner to bring our ground-breaking Selution SLR technology to market, Cordis was the perfect fit with its proven record in the industry. Our sirolimus drug-eluting balloon programme provides a flagship product that complements Cordis’ existing portfolio and will benefit greatly from its deep marketing and distribution expertise.”
Selution SLR received CE mark approval for the treatment of peripheral arterial disease in February 2020 and for the treatment of coronary artery disease in May 2020. In addition, MedAlliance has obtained investigational device exemptions for peripheral below-the-knee (BTK) and superficial femoral artery (SFA) interventions. Two IDE clinical studies are already underway.
“I have had the privilege to meet with clinical experts around the world and review hundreds of angiograms demonstrating the impact of Selution SLR in both cardiovascular and peripheral vascular patients,” said George Adams, chief medical officer for Cordis. “The clinical outcomes are remarkable, to say the least—especially for patients with few if any other treatment options.”