Boston Scientific Corporation acquires Millipede, Inc. for $90m

Boston Scientific Corporation, a $8.83b manufacturer of medical devices for cardiovascular, digestive, pulmonary and other interventional specialties is acquiring Millipede, Inc., a developer of transcatheter, semi-rigid, complete annuloplasty ring for the treatment of heart disease for $90m. Millipede IRIS' annuloplasty ring which is delivered via a transcatheter-transseptal delivery system repairs and reduce the size of a dilated mitral annulus. The IRIS device is a complete ring designed to be used as a stand-alone device, or in combination with other technologies in patients with severe MR. Boston Scientific has the option to acquire the remaining shares of the company at any time prior to the completion of a first in human clinical study that meets certain parameters. Upon the completion, Millipede has the option to compel Boston Scientific to acquire their remaining shares. Completion of this acquisition would result in an additional $325m payment by Boston Scientific at closing plus $125m becoming payable upon achievement of a commercial milestone. Deal value - $90m

Keywords: Healthcare Investment Banking, Healthcare M&A, Healthcare mergers