Cordis to Acquire MedAlliance, Expanding Drug-Eluting Balloon Portfolio

Cordis began an agreement to acquire MedAlliance, a Swiss company that provides transformative drug-eluting balloons.
 
The agreement includes an initial investment of $35 million and $200 million payment upon closing in 2023, regulatory achievement milestones up to $125 million and commercial milestones up to $775 million 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 uses spherical MicroReservoirs made from biodegradable polymer mixed with the drug to control 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.
 
“Nearly twenty years ago, Cordis introduced CYPHER, the first drug-eluting stent, transforming cardiovascular treatment for patients around the world,” Shar Matin, Cordis CEO told the press. “…we are furthering that legacy of innovation and market disruption with MedAlliance and the first MicroReservoir sirolimus drug-eluting balloon, SELUTION SLR.”
 
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 a CE mark to treat of peripheral artery disease in February 2020 and coronary artery disease in May 2020. 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, about 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.”