Boston Scientific puts $270m on the table for Claret Medical

Boston Scientific (NYSE:BSX) said today that it agreed to pay as much as $270 million to acquire Claret and its Sentinel device.

Marlborough, Mass.-based Boston Scientific said the deal involves an ip-front cash payment of $220 million and another $50 million pegged to a reimbursement milestone. Claret’s Sentinel device is designed to trap and remove debris dislodged during transcatheter aortic valve replacements to prevent stroke and other neurological damage.

After landing CE Mark approval in the European Union in 2014, Santa Rosa, Calif.-based Claret won de novo clearance from the FDA last year for the Sentinel device. The company raised $21 million in an equity round in October 2017.

“We have been pleased by the consistent, high-quality clinical evidence generated by the committed thought leaders at leading academic centers, as well as the rapid physician adoption of the device – utilized on average in 60% of TAVR procedures performed across 100 centers – within just 12 months of carefully-controlled U.S. commercialization,” presdient & CEO Azin Parhizgar said in prepared remarks. “Nearly 10,000 patients have been treated worldwide with the Sentinel system, and we are confident that the leadership of Boston Scientific will enable increased momentum and improved patient access to this valuable technology.”

“Through the development and commercialization of the Sentinel system, Claret Medical has successfully introduced a new layer of safety and peace of mind for physicians and their patients undergoing TAVR procedures,” added Boston Scientific interventional cardiology president Kevin Ballinger. “This acquisition will expand our commercial portfolio to include an important adjunctive offering aimed at improving TAVR patient outcomes. We also see potential for future use in other left heart and endovascular procedures such as mitral valve repair and replacement, left atrial appendage closure and pulmonary vein isolation ablation procedures for atrial fibrillation.”

Boston Scientific said the deal, slated to close during the third quarter, isn’t expected to affect its adjusted earnings this year but should add to them next year and beyond.

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