Boston Scientific announced on Nov. 10 that it had agreed to acquire the interventional radiology business of CeloNova Biosciences. Boston Scientific said it would pay $70 million upfront and then make additional payments based on regulatory and sales milestones.
The companies expect the transaction to be completed by the end of 2015 depending on customary closing conditions.
The deal includes CeloNova's drug-eluting microspheres that are loaded with chemotherapy drugs for delivery to cancerous tumors as well as spherical embolic products used to treat uterine fibroids and other conditions.
CeloNova Biosciences manufactures the ONCOZENE and Embozene microspheres, which are available in the U.S. to treat arteriovenous malformations and hypervascular tumors. The company also has Embozene TANDEM drug-elutable microspheres, which are not FDA-approved but are available in Europe. In the fourth quarter of 2015, the company plans on initiating a randomized, controlled study of the ONCOZENE microspheres loaded with doxorubicin, a chemotherapy agent.
Jeff Mirviss, senior vice president and president of peripheral interventions at Boston Scientific, said in a statement that the acquisition would help its interventional oncology business, including treating liver cancer in emerging markets.
Executive Editor
Tim Casey joined TriMed Media Group in 2015 as Executive Editor. For the previous four years, he worked as an editor and writer for HMP Communications, primarily focused on covering managed care issues and reporting from medical and health care conferences. He was also a staff reporter at the Sacramento Bee for more than four years covering professional, college and high school sports. He earned his undergraduate degree in psychology from the University of Notre Dame and his MBA degree from Georgetown University.