Boston Scientific Makes Investment in Millipede With Acquisition Option
January 24, 2018—Boston Scientific Corporation announced that it has closed an investment and entered into an acquisition option agreement with Millipede, Inc., a privately held company that has developed the Iris transcatheter annuloplasty ring system for the treatment of severe mitral regurgitation (MR). Millipede was founded in 2012 and is based in Santa Rosa, California.
According to Boston Scientific, the Millipede Iris annuloplasty ring is delivered via a transcatheter-transseptal delivery system and uses the standard surgical approach to repair 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.
Under the terms of the agreements, Boston Scientific has purchased a portion of the outstanding shares of Millipede along with newly issued shares of the company for a total consideration of $90 million.
Boston Scientific has the option to acquire the remaining shares of the company at any time before the completion of a first-in-human clinical study that meets certain parameters. Upon completion of the clinical study, Millipede has the option to compel Boston Scientific to acquire the remaining shares of the company. Each company's option period expires by the end of 2019. Completion of this acquisition would result in an additional $325 million payment by Boston Scientific at closing and $125 million becoming payable upon achievement of a commercial milestone.