Spectranetics Scoops Up Covidien’s Stellarex Drug Coated Balloons for $30 Million
Spectranetics will pay $30 million for Covidien’s Stellarex line of drug coated angioplasty balloons, the companies said Monday. The Stellarex platform is designed to treat peripheral arterial disease.
Stellarex uses EnduraCoat technology, a durable, even coating designed to prevent drug loss and ease controlled, efficient drug delivery to the treatment site. The platform of DCBs is not available in any market at this time, Spectranetics said.
Spectranetics believes it will receive a CE mark for the platform later this year or in early 2015, with a European launch occurring immediately upon that approval. The Colorado Springs, Colo., devicemaker anticipates U.S. commercialization in 2017 following FDA approval, it said.
Spectranetics believes the Stellarex platform will boost revenue beginning next year, and has the potential to add $100 million in revenue within two to three years of U.S. commercialization, it said.
The deal is expected to close in early 2015, the companies said, subject to approval by the Federal Trade Commission and other regulatory agencies, as well as closure of the pending Medtronic acquisition of the Ireland-based Covidien. — Kellen Owings
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