Cordis to acquire MedAlliance

MedAlliance, a Swiss-based med-tech company, has announced that the company is going to be acquired by Cordis with a USD 35 million starting investment, a USD 200 million upfront closing payment, regulatory achievement milestones of up to USD 125 million, and commercial milestones of up to USD 775 million through 2029 for a combined value of up to USD 1.135 billion.

Cordis is a global innovator and manufacturer of interventional cardiovascular and endovascular technology. SELUTION SLR™( (Sustained Limus Release), MedAlliance's novel and disruptive sustained sirolimus drug-eluting balloon (DEB) development, delivers a flagship group of products that matches Cordis' existing product range, sales, marketing, and distribution capabilities. Cordis's clients will benefit from MedAlliance's substantial clinical coursework and publishing strategy, which will maintain Cordis' legacy of bringing ingenious medications to patients.

Headquartered in Nyon, Switzerland, the company MedAlliance primarily focuses on the development of cutting-edge technology and the commercialization of sophisticated medication device combination solutions, basically for the treatment of coronary and peripheral artery disease. The SELUTION SLR balloon platform technology is a revolutionary sirolimus-eluting balloon platform technology.

"We are very fortunate to find a partner like Cordis, with its strong history of innovation. The company that introduced sirolimus drug-eluting stents(DES) in 1999 will be introducing the SELUTION SLRsustained limus release sirolimus drug-eluting balloons (DEB),avoiding permanent metal implants and providing patients around the world with stent-less PCI," Jeffrey B. Jump, Chairman and CEO of MedAlliance, stated.

"Nearly twenty years ago, Cordis introduced CYPHER®, the first drug-eluting stent, transforming cardiovascular treatment for patients around the world," Cordis CEO, Shar Matin opined. "As a newly independent company, we are beyond proud to further our legacy of innovation and market disruption with MedAlliance and the first MicroReservoir sirolimus drug-eluting balloon, SELUTION SLR."

"I am excited to report on the positive SELUTION SLR data to date, with first-hand experience of the impressive clinical outcomes from patients treated with SELUTION SLR in Japan, India, Europe, and South America. We are now leading the effort to emulate these results in the United States. This technology has the distinct opportunity to change the treatment paradigm for patients suffering from cardiovascular and peripheral vascular disease," remarked George Adams, Principal Investigator of the US SELUTION4SFA IDE study,Director, Cardiovascular and Peripheral Vascular Research; Rex Hospital Inc., Raleigh, North Carolina,USA.

SELUTION SLR received CE Mark approval in February 2020 for the treatment of peripheral artery disease and in May 2020 for the treatment of coronary artery disease. SELUTION SLR has received four breakthrough designations from the US FDA: for the treatment of atherosclerotic lesions in native coronary arteries; coronary in-stent restenosis; peripheral below-the-knee and Arteriovenous Fistula in hemodialysis patients. The FDA has granted IDE approval for coronary, BTK, and SFA indications, and IDE clinical trials are now accepting patients.

Over 500 patients have already been registered in the revolutionary coronary randomized controlled trial comparing SELUTION SLR with any limus drug-eluting stent (DES), which is aimed at demonstrating supremacy of SELUTION SLR DEB over DES. SELUTION DeNovo is the biggest DEB research ever launched, with the potential to translate medical practice.

SELUTION SLR's technology involves unique MicroReservoirs made from biodegradable polymer intermixed with the anti-restenotic drug sirolimus. These MicroReservoirs provide controlled and sustained release of the drug for up to 90 days. Extended release of sirolimus from stents has been proven highly efficacious in both coronary and peripheral vasculatures. MedAlliance's proprietary CAT™ (Cell Adherent Technology) enables the MicroReservoirs to be coated onto balloons and adhere to the vessel lumen when delivered via an angioplasty balloon.

SELUTION SLR is available in Europe and all other countries where the CE Mark is recognized.

Cordis is a worldwide leader in the development and manufacturing of interventional cardiovascular technologies with a more than 60-year history of pioneering breakthrough therapies to treat millions of patients. With a reputation for clinical acumen, training, and service, Cordis has a legacy of innovation in high-quality and minimally invasive cardiovascular products, building a strong global footprint with operations in more than 70 countries around the world.

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( With inputs from ANI )