Boston Scientific to acquire Calif. device firm for $202M
Courtesy | Boston Scientific
Boston Scientific's headquarters are located in Marlborough.
Marlborough medical device giant Boston Scientific announced Thursday an agreement to acquire California-based Cryterion Medical for $202 million.
Boston Scientific continues its aggressive acquisition strategy by purchasing the remaining 65 percent stake of Cryterion not already owned by Boston Scientific since it began investing in Cryterion since its inception in 2016.
Cryterion Medical is a privately held medical device manufacturer developing a single-shot cryoablation platform to treat atrial fibrillation, which is an irregular rapid heart beat usually caused by low blood flow. Cryterion and could be the first to boast a portfolio of both cryothermal and radiofrequency single-shot, balloon-based ablation therapies.
The company’s cryoablation platform uses cryothermal energy to interrupt the irregular electrical signals causing atrial fibrillation.
Boston Scientific’s looks to grow its electrophysiology line as the market is expected to reach $5 billion this year, with single-shot ablation therapies among the fastest growing sub-segment.
The treatment method and the company’s growing atrial fibrillation offerings allow physicians to select therapeutic options based on clinical preference and specific patient needs, said Kenneth Stein, senior vice president and chief medical officer of rhythm management and global health policy at Boston Scientific.
"We are committed to providing physicians with a comprehensive suite of therapies that lead the way for clinical advancements and address the needs of the increasing population of patients with AF," said Stein in a press release announcing the deal.
This transaction would be Boston Scientific’s fifth acquisition agreement of more than $200 million in the last year, putting the company on pace to spend up to $1.5 billion to complete those deals.
A European study of the company's device is currently being conducted, and evidence from that study will be used to submit applications for commercial approval in Europe and the U.S. in 2019.
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