Boston Scientific said it signed a definitive agreement to acquire Vessix Vascular, a Laguna Hills, Calif.-based company that developed a catheter-based renal denervation system to treat uncontrolled hypertension.
The Natick, Mass.-based medical device manufacturer said in a news release that it will pay $125 million, as well as up to $300 million in milestone payments from 2013 to 2017, to acquire Vessix Vascular.
The deal is expected to close this month.
“The acquisition of Vessix Vascular adds a second-generation, highly differentiated technology to our hypertension strategy while accelerating our entry into what we expect to be a multi-billion dollar market by 2020,” said Boston Scientific President and CEO Mike Mahoney in the news release
The V2 Renal Denervation System received its CE Mark in Europe in May and approval from Australia's Therapeutic Goods Administration in September. It has not been approved by the Food and Drug Administration for use in the U.S.
The Cleveland Clinic last year cited catheter-based renal denervation to control resistant hypertension as a top medical innovation
on a list compiled by its physicians and scientists.