Boston Scientific today announced that it has entered an agreement to acquire Devoro Medical for more than $269 million.
Marlborough, Massachusetts-based Boston Scientific has been a strategic investor in Devoro Medical since 2019, according to the company. It has an equity stake of approximately 16%. The transaction will consist of an upfront payment of approximately $269 million for the 84% stake that is not owned and up to $67 million upon achievement of certain clinical and regulatory milestones.
Devoro Medical makes the Wolf thrombectomy platform that it designed as a non-console and lytic-free technology that targets and rapidly captures blood clots. It uses finger-like prongs to retrieve and remove thrombi in the arterial and venous systems.
“The addition of the Wolf platform advances our efforts to ensure physicians have the right tools to improve procedural efficiencies,” Jeff Mirviss, EVP and president of Boston Scientific’s peripheral interventions, said in a news release. “Clot management remains a core focus of our business, and upon commercialization, this highly differentiated technology will complement and expand our offerings to a full suite of interventional strategies for thromboembolism, which also includes the EkoSonic Endovascular System (EKOS) and the AngioJet Thrombectomy System.”
Michael Jaff — chief medical officer and VP of clinical affairs, technology and innovation at Boston Scientific — described the Wolf platform as a “compelling new option for physicians performing thrombectomy procedures. “Importantly, it is designed to target and remove clots without damaging blood vessels, while also minimizing blood-loss, which may improve outcomes.”
Senior research analyst Mike Matson of Needham & Co. in a note said he thought the Wolf platform is complementary to Boston Scientific’s peripheral interventions portfolio. “While market estimates vary, it seems clear that the thrombectomy market is large and underpenetrated.”
David Rescott and Samuel Brodovsky of Truist agreed that the Wolf system fits in well with the Boston Scientific portfolio of peripheral intervention products addressing thromboemboli, including the EkoSonic Endovascular System (EKOS) and the AngioJet thrombectomy system. The Truist analysts noted that the Wolf system does not require capital equipment and is a non-lytic based intervention.
Rescott and Brodovsky said: “We think that the company’s established presence in this segment should provide a platform to commercialize the Wolf system and potentially could drive synergies for other products within the peripheral interventions portfolio. Perhaps the biggest benefit is that the acquisition of the Wolf thrombectomy platform now provides Boston with a non-lytic based therapy to address thromboemboli in the venous and arterial segment.”
Executive editor Chris Newmarker contributed to this report.