GENEVA, Oct. 18, 2022 /PRNewswire/ -- Swiss-based medical technology company MedAlliance has announced it has entered into an agreement with Cordis for an acquisition which 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. Cordis customers will benefit from the extensive clinical study program and publication plan that is being executed by MedAlliance to further Cordis' heritage of bringing innovative products to patients.
MedAlliance is headquartered in Nyon, Switzerland. It 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.
"We are very fortunate to find a partner like Cordis, with its strong history of innovation. The company that introduced sirolimus drug eluting stents (DES) in 1999 will be introducing the SELUTION SLR sustained limus release sirolimus drug eluting balloons (DEB), avoiding permanent metal implants and providing patients around the world with stent-less PCI," commented Jeffrey B. Jump, Chairman and CEO of MedAlliance.
"Nearly twenty years ago, Cordis introduced CYPHER®, the first drug-eluting stent, transforming cardiovascular treatment for patients around the world," said Shar Matin, Cordis CEO. "As a newly independent company, we are beyond proud to further our legacy of innovation and market disruption with MedAlliance and the first MicroReservoir sirolimus drug-eluting balloon, SELUTION SLR."
"I am excited to report on the positive SELUTION SLR data to date, with first-hand experience of the impressive clinical outcomes from patients treated with SELUTION SLR in Japan, India, Europe, and South America. We are now leading the effort to emulate these results in the United States. This technology has the distinct opportunity to change the treatment paradigm for patients suffering from cardiovascular and peripheral vascular disease," commented George Adams, Principal Investigator of the US SELUTION4SFA IDE study, Director, Cardiovascular and Peripheral Vascular Research; Rex Hospital Inc., Raleigh, North Carolina, United States.