Cordis Announces Acquisition of MedAlliance, Positioning Itself for Market Leadership in Drug-Eluting Balloon Technology
MIAMI LAKES, Fla., Oct. 18, 2022 /PRNewswire/ -- Cordis, a worldwide leader in the development and manufacturing of interventional cardiovascular and endovascular technologies, today announced its acquisition, subject to customary closing conditions including regulatory approvals, of MedAlliance, a Switzerland-based company at the forefront of transformative drug-eluting balloons. By acquiring MedAlliance, Cordis has the potential to serve two million patients globally by 2027 with the SELUTION SLR™ (Sustained Limus Release) drug-eluting balloon. The agreement includes an initial investment of $35M and $200M payment upon closing in 2023, regulatory achievement milestones up to $125M and commercial milestones up to $775M through 2029. Cordis will immediately begin co-promotion of MedAlliance's SELUTION SLR™ drug-eluting balloon in markets where it is commercially available.
The SELUTION platform leverages spherical MicroReservoirs made from biodegradable polymer mixed with the drug to control the sustained release of sirolimus. The continuous manufacturing process produces millions of precisely formed, miniature drug delivery systems. SELUTION SLR™ is the only drug-eluting balloon using MicroReservoirs and is designed to provide the longest and most effective pharmacokinetics release profile of any device on the market. This technology is truly differentiated from all other sirolimus-coated balloons and is uniquely positioned to deliver therapeutic effect.
"Nearly twenty years ago, Cordis introduced CYPHER™, the first drug-eluting stent, transforming cardiovascular treatment for patients around the world," said Shar Matin, Cordis CEO. "Today, we are furthering that legacy of innovation and market disruption with MedAlliance and the first MicroReservoir sirolimus drug-eluting balloon, SELUTION SLR™."
Duke Rohlen, Executive Chairman of Cordis added, "The acquisition of MedAlliance illustrates our vision to maximize patient impact by pairing highly innovative growth drivers with Cordis' trusted brand and extensive global commercial capabilities."
Jeffrey B. Jump, Chairman and CEO of MedAlliance, commented, "When looking for a partner to bring our groundbreaking SELUTION SLR™ technology to market, Cordis was the perfect fit with its proven record in the industry. Our sirolimus drug-eluting balloon program provides a flagship product that complements Cordis' existing portfolio and will benefit greatly from its deep marketing and distribution expertise."
SELUTION SLR™ received 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, MedAlliance has obtained Investigational Device Exemptions for peripheral below the knee (BTK) and superficial femoral artery (SFA) interventions. Two IDE clinical studies are already underway. To date, approximately 10,000 patients have benefitted from SELUTION, including 9,200 commercial units and over 2,000 patients treated in clinical trials.
"I have had the privilege to meet with clinical experts around the world and review hundreds of angiograms demonstrating the impact of SELUTION SLR™ in both cardiovascular and peripheral vascular patients," said Dr. George Adams, Chief Medical Officer for Cordis. "The clinical outcomes are remarkable, to say the least – especially for patients with few if any other treatment options."
Cordis is a worldwide leader in the development and manufacturing of interventional vascular technology with a more than 60-year history of pioneering breakthrough cardiovascular technologies to treat millions of patients. With a reputation for clinical acumen, training, and service, Cordis established a legacy of innovation in high-quality and minimally invasive cardiovascular products and built a strong global footprint with operations in more than 70 countries around the world. Cordis is backed by private equity firms Hellman & Friedman and KKR (Kohlberg, Kravis, Roberts). For more information, visit www.cordis.com.
MedAlliance is headquartered in Nyon, Switzerland. It specializes in the development of ground-breaking technology and commercialization of advanced drug device combination products, initially for the treatment of coronary and peripheral artery disease. The SELUTION SLR™, is a novel sirolimus-eluting balloon platform technology. For more information, visit www.medalliance.com.
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