Cordis has finalized its agreement to acquire MedAlliance, a Switzerland-based healthcare technology company focused on drug-eluting balloons, in a deal that could potentially be worth more than $1 billion.
The deal, originally announced in October 2022, began with an upfront investment of $35 million in 2022 and continued with a closing payment of $200 million. If various regulatory and commercial milestones are met in the next several years, the total value of the deal could reach $1.135 billion.
Cordis targeted MedAlliance due to its interest in the company’s Selution SLR drug-eluting balloon technology. The Selution SLR devices were designed to include “MicroReservoirs” made of biodegradable polymer and sirolimus. This allows sirolimus to be released at a controlled and sustained pace for up to 90 days, a technique that has been proven to benefit patients undergoing both coronary and peripheral procedures.
“Nearly 20 years ago, Cordis introduced Cypher, the first drug-eluting stent, transforming cardiovascular treatment for patients around the world,” Shar Matin, Cordis CEO, said in a prepared statement announcing the news. “As a newly independent company, we are beyond proud to further our legacy of innovation and market disruption with MedAlliance and the first MicroReservoir sirolimus drug-eluting balloon, Selution SLR.”
Image courtesy of MedAlliance.
“The Cordis acquisition will accelerate access to this breakthrough technology for patients around the globe suffering from coronary and peripheral disease,” added Jeffrey B. Jump, founder, chairman and CEO of MedAlliance. “I want to thank our entire MedAlliance team—including physicians, distributors and clinical patients—who have succeeded in disrupting the coronary and peripheral markets to provide a safe and effective new technology. The arsenal of Selution SLR DEB clinical data is designed to change medical practice and improve patient outcomes.”
The Selution SLR drug-eluting balloons are already available in Europe for the treatment of peripheral artery disease and coronary artery disease. The devices have also received multiple breakthrough designations from the U.S. Food and Drug Administration (FDA), and research is already underway aimed at securing full FDA approval.
Michael has more than 16 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.