Cordis Completes the up to $1.13B Deal for MedAlliance

Cordis has acquired Swiss medtech company MedAlliance for a 2022 investment of $35 million and 2023 upfront closing payment of $200 million, along with regulatory achievement milestones of up to $125 million and commercial milestones of up to $775 million through 2029.
 
The total consideration for the deal, which was first announced in October 2022, adds up to $1.135 billion.
 
Cordis develops and manufactures interventional cardiovascular and endovascular technologies. MedAlliance touts its SELUTION SLR (sustained limus release) drug-eluting balloon portfolio, the flagship product family the company believes complements Cordis’ portfolio.
 
The acquisition of MedAlliance also brings an extensive clinical study program and publication plan to Cordis customers.
 
“The Cordis acquisition will accelerate access to this breakthrough technology for patients around the globe suffering from coronary and peripheral disease,” MedAlliance’s founder, chairman, and CEO Jeffrey B. Jump told the press. “I want to thank our entire MedAlliance team—including physicians, distributors and clinical patients—who have succeeded in disrupting the coronary and peripheral markets to provide a safe and effective new technology.  The arsenal of SELUTION SLR DEB clinical data is designed to change medical practice and improve patient outcomes.”
 
MedAlliance’s technology leverages “MicroReservoirs” containing a mixture of biodegradable polymer intermixed with an anti-restenotic sirolimus coating on the angioplasty balloon’s surface. The company says the MicroReservoirs offer controlled, sustained drug release for up to 90 days.
 
SELUTION SLR was granted CE mark approval to treat peripheral artery disease in February 2020, and added a coronary artery disease indication in May 2020. MedAlliance was also the first drug-eluting balloon company to be awarded U.S. Food and Drug Administration (FDA) breakthrough device status.
 
The company also won FDA IDE approval in May and August 2022 for BTK and superficial femoral artery (SFA) indications, respectively. IDE approval for coronary in-stent restenosis (ISR) came in October 2022, and de novo coronary lesions approval came in January 2023. Following IDE status, three FDA studies involving SELUTION SLR are currently enrolling with a fourth, involving patients with coronary de novo artery disease, planned to start in the next few weeks.