Swiss-based medical technology company MedAlliance has been acquired by Cordis in a deal that could be worth up to $1.135 billion.
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The deal consists of a 2022 investment of $35 million and a 2023 upfront closing payment of $200 million, together with regulatory achievement milestones of up to $125 million and commercial milestones of up to $775 million through 2029.
Cordis is a developer and manufacturer of interventional cardiovascular and endovascular technologies. MedAlliance’s sirolimus drug-eluting balloon (DEB) program, SELUTION SLR (Sustained Limus Release), has provided a flagship product family which complements Cordis’ existing product portfolio, together with their sales, marketing and distribution expertise. Cordis customers will have access to the clinical study program and publication plan that has been executed by MedAlliance.
Jeffrey B. Jump, founder, chairman and CEO of MedAlliance, said: “The Cordis acquisition will accelerate access to this breakthrough technology for patients around the globe suffering from coronary and peripheral disease. I want to thank our entire MedAlliance team - including physicians, distributors, and clinical patients - who have succeeded in disrupting the coronary and peripheral markets to provide a safe and effective new technology. The arsenal of SELUTION SLR DEB clinical data is designed to change medical practice and improve patient outcomes.”
Shar Matin, Cordis CEO, said: “Nearly 20 years ago, Cordis introduced CYPHER, the first drug-eluting stent, transforming cardiovascular treatment for patients around the world. As a newly independent company, we are beyond proud to further our legacy of innovation and market disruption with MedAlliance and the first MicroReservoir sirolimus drug-eluting balloon, SELUTION SLR.”
SELUTION SLR was awarded CE mark approval for the treatment of peripheral artery disease in February 2020 and for the treatment of coronary artery disease in May 2020. In addition to the BTK and superficial femoral artery (SFA) indications for which the company received FDA IDE approval in May and August 2022 respectively, MedAlliance received coronary in-stent restenosis (ISR) IDE approval in October 2022 and de novo coronary artery lesions approval in January 2023.
After achieving IDE Status, three FDA studies involving SELUTION SLR are currently enrolling with a fourth, involving patients with coronary de novo artery disease, planned to start in the next few weeks. The latter will complement the substantial experience gained with the ground-breaking SELUTION DeNovo trial in Europe, which has now enrolled over 1,700 patients, halfway towards a planned 3,326 patients. SELUTION DeNovo compares the treatment strategy using SELUTION SLR versus any limus drug-eluting stent [DES]. This study is designed to change medical practice, as most de novo coronary lesions are currently treated with a permanent metallic stent.
MedAlliance’s DEB technology involves MicroReservoirs which contain a mixture of biodegradable polymer intermixed with the anti-restenotic drug sirolimus applied as a coating on the surface of an angioplasty balloon. These MicroReservoirs provide controlled and sustained release of the drug for up to 90 days. MedAlliance’s CAT (Cell Adherent Technology) enables the MicroReservoirs to be coated onto balloons and efficiently transferred to adhere to the vessel lumen when delivered via expansion of the balloon.
