Healthcare Industry News: S.A.
News Release - November 10, 2015
Boston Scientific To Acquire Interventional Radiology Business Of CeloNova Biosciences
Transaction to Expand Boston Scientific Interventional Oncology Portfolio with Drug-Eluting MicrosphereS.A.d Spherical EmbolicsMARLBOROUGH, Mass., Nov. 10, 2015 -- (Healthcare Sales & Marketing Network) -- Boston Scientific (BSX) has entered into a definitive agreement to acquire the interventional radiology portfolio of CeloNova Biosciences, a San Antonio-based developer of endovascular and interventional cardiology technologies. The structured agreement includes drug-eluting microspheres designed to be loaded with chemotherapy drugs for delivery to cancerous tumors, and spherical embolic products used to treat uterine fibroidS.A.d other conditions. The transaction consists of an upfront payment of $70 million and additional payments contingent on regulatory and sales milestones.
"As we continue to build our interventional oncology business, we expect that the team and technologies included in thiS.A.quisition will fuel growth in solutions to treat challenging diS.A.es such as liver cancer, particularly in emerging markets" said Jeff Mirviss, senior vice president and president, Peripheral Interventions, Boston Scientific. "More than 700,000 people worldwide are diagnosed with liver cancer each year,1 and the diS.A.e is one of the leading causes of cancer deaths in China and many parts of Southeast AS.A.2 These technologies offer tremendous promise to improve the quality of care by reducing both the cost and side-effectS.A.sociated with traditional treatments."
The transaction includes the CeloNova Embozene TANDEM® Drug-Elutable Microspheres, precisely calibrated spheres that can be embedded with drugs used to treat liver cancer, and the U.S. commercialized ONCOZENE™ and Embozene® Microspheres, technologies used to treat hypervascular tumors, arteriovenous malformationS.A.d hepatoma. CeloNova has received an Investigational Device Exemption from the FDA for the SOLACE Trial, a randomized, controlled study of the ONCOZENE™ Microspheres loaded with chemotherapy agent doxorubicin, expected to begin in the fourth quarter of 2015.
"We are confident that the significant clinical S.A.e and commercial reach of Boston Scientific will help expand the value of these innovative technologies, bringing the benefits of these therapies to more patientS.A.ound the world, which is consistent with CeloNova's mission to improve the practice of medicine for patients, caregiverS.A.d payers," said Martin J. Landon, president and chief executive officer of CeloNova BioSciences.
MicrosphereS.A.e S.A.l, spherical particles used by interventional radiologists to slow or stop the blood supply to a growth or tumor. MicrosphereS.A.e pre-loaded in a syringe and delivered to the desired site via a minimally-invasive, catheter-based approach. Drug-eluting microspheres work in a manner similar to spherical embolics, but may be loaded with drugs to deliver a controlled dose of the therapeutic agent over time. Drug-eluting microsphereS.A.e most often used to treat liver cancer, which represents the second-leading cause of cancer deaths worldwide.
The transaction is expected to close by year end 2015, subject to customary closing conditions. Boston Scientific currently expects the net impact of this transaction on adjusted earnings per S.A.e to be immaterial in 2016 and accretive thereafter, and lesS.A.cretive on a GAAP basiS.A. a result of acquisition-related net chargeS.A.d amortization.
The CeloNova Embozene TANDEM® Drug-Elutable Microsphere has received CE mark, but is not available for sale in the U.S. The CeloNova Oncozene Microsphere loaded with doxorubicin iS.A. investigational device limited by U.S. federal law to investigational use only; it is not available for sale.
About CeloNova
CeloNova BioSciences, Inc., headquartered in San Antonio, Texas, iS.A.global medical device company that develops, manufactureS.A.d marketS.A.family of interventional cardiology and endovascular products, including its proprietary COBRA PzF™ Coronary Stent System. CeloNova's productS.A.e developed and manufactured in CarlS.A., California, U.S.A. and Ulm, Germany, with regional offices in Germany, France, United Kingdom, NetherlandS.A.d Austria. CeloNova's interventional cardiology and endovascular productS.A.e currently available in more than fifty countries.
About Boston Scientific
Boston Scientific transforms lives through innovative medical solutions that improve the health of patientS.A.ound the world. AS.A.global medical technology leader for more than 35 years, we advance science for life by providing a broad range of high performance solutions that address unmet patient needS.A.d reduce the cost of healthcare. For more information, visit www.bostonscientific.com and connect on Twitter and Facebook.
1. American Cancer Society. http://www.cancer.org/cancer/livercancer/detailedguide/liver-cancer-what-is-key-S.A.istics
2. Ferlay J, Shin HR, Bray F, Forman D, Mathers CD, Parkin D. GLOBOCAN 2008, Cancer Incidence and Mortality. http://onlinelibrary.wiley.com/doi/10.1002/ijc.25516/full
Cautionary S.A.ement Regarding Forward-Looking S.A.ements
This press release contains forward-looking S.A.ements within the meaning of Section 27A of the SecuritieS.A.t of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking S.A.ements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "intend" and similar words. These forward-looking S.A.ementS.A.e based on our beliefs, assumptionS.A.d estimates using information available to uS.A. the time and are not intended to be guarantees of future events or performance. These forward-looking S.A.ements include, among other things, S.A.ements regarding our business plans, the acquisition and impact of the acquisition, including expected financial impact, the timing of closing of the acquisition, regulatory approvals, and clinical trials. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectationS.A.d projections expressed or implied by our forward-looking S.A.ements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the S.A.ements expressed in this press release. AS.A.result, readerS.A.e cautioned not to place undue reliance on any of our forward-looking S.A.ements.
Factors that may cause such differences include, among other things: future economic, competitive, reimbursement and regulatory conditions; new product introductions; demographic trends; the closing and integration of acquisitions, intellectual property; litigation; financial market conditions; and future business decisions made by uS.A.d our competitors. All of these factorS.A.e difficult or impossible to predict accurately and many of them are beyond our control. For a further list and description of these and other important riskS.A.d uncertainties that may affect our future operations, see Part I, Item 1A – Risk Factors in our most recent Annual Report on Form 10-K filed with the SecuritieS.A.d Exchange Commission, which we may update in Part II, Item 1A – Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking S.A.ements to reflect any change in our expectations or in events, conditions or circumS.A.ces on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking S.A.ements. This cautionary S.A.ement iS.A.plicable to all forward-looking S.A.ements contained in this document.
Source: Boston Scientific
Issuer of this News Release is solely responsible for its
content.
Please address inquiries directly to the issuing company.
FindReps: Screen and connect with Medical Sales Rep candidates (Direct Reps and Independents) – anonymously, in real time.
RepJobs: Job Opportunities for Direct Sales Reps and New Product Lines for Independents!