Boston Scientific has to acquire medical technology company Relievant Medsystems for an upfront cash payment of $850m.
The transaction also includes undisclosed additional contingent payments based on the performance of sales over the next three years.
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Relievant has developed and commercialised the Intracept Intraosseous Nerve Ablation System for the treatment of a type of chronic low back pain called vertebrogenic pain.
Intracept is claimed to be the only US Food and Drug Administration (FDA)-approved system for this pain.
Designed to enhance function and offer long-term relief, the minimally invasive and implant-free outpatient procedure stops the basivertebral nerve from transmitting pain signals to the brain by using targeted radiofrequency energy.
Boston Scientific Neuromodulation president Jim Cassidy said: 鈥淲e anticipate this novel, clinically-backed technology can support our category leadership strategy while expanding access to care for individuals who need personalised treatment.
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By GlobalData鈥淯pon 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.鈥�
Subject to satisfaction of customary closing conditions, the transaction is anticipated to be completed in the first half of next year.
Relievant president and CEO Tyler Binney said: 鈥淭ogether with Boston Scientific, we can accelerate our journey to provide life-changing relief to patients by transforming the diagnosis and treatment of vertebrogenic pain.鈥�
In August this year, Boston Scientific secured expanded FDA clearance for its VISUAL Ice system.
