HQ Team
October 2, 2023: Cordis, a US-based medical device maker, has acquired Switzerland’s MedAlliance for up to $1.1 billion to expand its product portfolio.
The Florida-based Cordis, under a 2022 plan, will pay MedAlliance an upfront payment of $200 million.
It will pay an additional $125 million to achieve regulatory milestones, and $775 million at the end of the commercial landmarks through 2029, according to a MedAlliance statement.
Cordis develops and manufactures interventional cardiovascular and endovascular technologies.
MedAlliance’s sirolimus drug-eluting balloon program, is the company’s flagship product family which complements Cordis’ portfolio, according to the statement.
Coronary disease
“The Cordis acquisition will accelerate access to this breakthrough technology for patients around the globe suffering from coronary and peripheral disease,” said Jeffrey B. Jump, Founder, Chairman and CEO of MedAlliance.
MedAlliance’s technology has “impressive clinical outcomes from patients treated” in Japan, India, Europe, and South America. We are now leading the effort to emulate these results in the United States,” said George Adams, Director of Cardiovascular and Peripheral Vascular Research, Rex Hospital Inc., Raleigh, North Carolina, US.
MedAlliance was the first drug-eluting balloon company to receive FDA Breakthrough Designation status. MedAlliance received coronary in-stent restenosis Investigative Device Exemption (IDE) approval in October 2022 and de novo coronary artery lesions approval in January 2023.
An investigational device exemption allows the investigational device to be used in a clinical study in order to collect safety and effectiveness data.
Fourth trials
“Subsequent to achieving IDE status, three FDA studies involving the technology are currently enrolling with a fourth, involving patients with coronary de novo artery disease, planned to start in the next few weeks.”
The de novo study will have 3,326 patients enrolled as participants. The study is designed to change medical practice, as the majority of de novo coronary lesions are currently treated with a permanent metallic stent.
More than 40,000 units have been used for patient treatments in routine clinical practice or as part of coronary clinical trials, according to the statement.
The Global coronary stent market size is projected to reach USD 8.08 billion by 2027, exhibiting a CAGR of 6.7% during the forecast period (2020-2027), according to Fortune Business Insights.
