Spectranetics will pay $30 million to acquire a drug-coated angioplasty balloon platform from Covidien, if the transaction passes muster with regulators.

The two companies announced an agreement that will transfer the Stellarex platform to Spectranetics to expand Spectranetics’ vascular interventions offerings. The Stellarex drug-coated angioplasty balloon platform is used to treat peripheral artery disease (PAD). In a prospective, multicenter study that enrolled 50 patients with superficial femoral and/or popliteal lesions, the device was shown to be safe with 24-month rates of patency and freedom from clinically driven target lesion revascularization of 80.3 percent and 85.8 percent, respectively.

Based on trial results from 44 patients, the platform is expected to be approved in Europe late this year or early next year. The target date for FDA approval in the U.S. is 2017.

The acquisition is contingent on approval of the Federal Trade Commission and other regulatory agencies. It also will depend on the closure of Medtronic’s acquisition of Covidien, which is expected to be finalized in early 2015.