MARLBOROUGH, Mass.,
Nov. 10, 2015 /PRNewswire/ -- Boston
Scientific (NYSE: 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 and 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
acquisition will fuel growth in solutions to treat challenging
diseases 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 disease is one of the
leading causes of cancer deaths in China and many parts of Southeast Asia.2 These technologies
offer tremendous promise to improve the quality of care by reducing
both the cost and side-effects associated 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 and 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 scale and
commercial reach of Boston Scientific will help expand the value of
these innovative technologies, bringing the benefits of these
therapies to more patients around the world, which is consistent
with CeloNova's mission to improve the practice of medicine for
patients, caregivers and payers," said Martin J. Landon, president and chief executive
officer of CeloNova BioSciences.
Microspheres are small, spherical particles used by
interventional radiologists to slow or stop the blood supply to a
growth or tumor. Microspheres are 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 are 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
share to be immaterial in 2016 and accretive thereafter, and less
accretive on a GAAP basis as a result of acquisition-related net
charges and 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 an 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 and markets a family of interventional cardiology and
endovascular products, including its proprietary COBRA PzF™
Coronary Stent System. CeloNova's products are developed and
manufactured in Carlsbad,
California, U.S.A. and Ulm, Germany, with regional offices in Germany, France, United
Kingdom, Netherlands and
Austria. CeloNova's interventional
cardiology and endovascular products are currently available in
more than fifty countries.
About Boston Scientific
Boston Scientific transforms
lives through innovative medical solutions that improve the health
of patients around 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 and 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-statistics
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 Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements may be identified by words like "anticipate," "expect,"
"project," "believe," "plan," "estimate," "intend" and similar
words. These forward-looking statements are based on our beliefs,
assumptions and estimates using information available to us at the
time and are not intended to be guarantees of future events or
performance. These forward-looking statements include, among other
things, statements 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 and projections
expressed or implied by our forward-looking statements. These
factors, in some cases, have affected and in the future (together
with other factors) could affect our ability to implement our
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of them are beyond our control. For a further list and
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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 and Exchange Commission, which we may
update in Part II, Item 1A – Risk Factors in Quarterly
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CONTACTS
Media: Trish Backes
Global Media Relations
Boston Scientific Corporation
651-582-5887 (office)
Trish.backes@bsci.com
Investors: Susie Lisa, CFA
Investor Relations
Boston Scientific Corporation
(508) 683-5565 (office)
investor_relations@bsci.com
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SOURCE Boston Scientific