Cordis, a Miami, FL-based provider of a development and manufacturing of interventional cardiovascular and endovascular technologies, acquired Nyon, Switzerland-based medical technology company MedAlliance.
The amount of the deal includes an initial investment of $35M and upfront closing payment of $200M, regulatory achievement milestones of up to $125M and commercial milestones of up to $775M through 2029 for a total consideration of up to $1.135 Billion.
Cordis is a worldwide leader in the development and manufacturing of interventional cardiovascular and endovascular technologies. MedAlliance’s innovative and revolutionary sustained sirolimus drug eluting balloon (DEB) program, SELUTION SLR™ (Sustained Limus Release), provides a flagship product family which complements Cordis’ existing product portfolio, sales, marketing and distribution expertise.
Led by CEO Jeffrey B. Jump, MedAlliance specializes in the development of ground-breaking technology and commercialization of advanced drug device combination products, initially for the treatment of coronary and peripheral artery disease. SELUTION SLR, is a novel sirolimus-eluting balloon platform technology. SELUTION SLR was awarded CE Mark Approval for the treatment of peripheral artery disease in February 2020 and for the treatment of coronary artery disease in May 2020. The US FDA has awarded SELUTION SLR with four breakthrough designations: for the treatment of atherosclerotic lesions in native coronary arteries; coronary in-stent restenosis; peripheral below-the-knee and Arteriovenous Fistula in patients on hemodialysis. Coronary, BTK and SFA indications have received FDA IDE approval and IDE clinical studies are currently enrolling. More than 500 patients of the 3,326 planned have already been enrolled in the ground-breaking coronary randomized controlled study comparing SELUTION SLR with any limus drug-eluting stent (DES), powered to demonstrate superiority of SELUTION SLR DEB over DES.
SELUTION SLR’s technology involves MicroReservoirs made from biodegradable polymer intermixed with the anti-restenotic drug sirolimus. These MicroReservoirs provide controlled and sustained release of the drug for up to 90 days. Extended release of sirolimus from stents has been proven highly efficacious in both coronary and peripheral vasculatures. MedAlliance’s proprietary CAT™ (Cell Adherent Technology) enables the MicroReservoirs to be coated onto balloons and adhere to the vessel lumen when delivered via an angioplasty balloon.
SELUTION SLR is available in Europe and all other countries where the CE Mark is recognized.
