Boston Scientific to acquire Minnesota back-pain treatment tech firm for $850M
Photo | Courtesy Boston Scientific
Boston Scientific headquarters, Marlborough
Marlborough-based medical technology giant Boston Scientific has agreed to acquire Relievant Medsystems, which has developed a proprietary technology to treat lower-back pain.
The deal will include an $850-million cash payment and undisclosed additional contingent payments based on sales performance over the next three years, according to a Tuesday press release from Boston Scientific.
Relievant is expected to generate sales in excess of $70 million in 2023 and to deliver year-over-year growth in excess of 50% in 2024, according to the press release.
Relievant Medsystems, a Minnesota-based medical technology company, developed and commercialized the Intracept Intraosseous Nerve Ablation System, which treats a specific type of chronic lower-back pain.
Vertebrogenic back pain is caused by damage to vertebral endplates, according to Relievant’s website, and affects 5.3 million people in the United States. Its Intracept system is the only system cleared by the U.S. Food and Drug Administration to treat vertebrogenic pain.
″We anticipate this novel, clinically-backed technology can support our category leadership strategy while expanding access to care for individuals who need personalized treatment,″ Jim Cassidy, president of neuromodulation at Boston Scientific, said in the press release. ″Upon close, we look forward to working with the Relievant team to explore opportunities to bring this high-growth therapy to a wider population of people living with chronic low back pain.″
The transaction is expected to close in the first half of 2024.
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