A Medical Device Daily
Boston Scientific (Natick, Massachusetts) last week reported that it has purchased technology for treating symptomatic benign prostatic hyperplasia (BPH) from Celsion (Columbia, Maryland), following approval of the acquisition by Celsion stockholders at the company’s annual meeting June 13.
The purchase consists primarily of the Prolieve Thermodilatation system, which Boston Scientific has exclusively distributed since 2004. The two companies entered into a strategic alliance back in January 2003 (MDD, Jan. 22, 2003).
Boston Scientific will pay Celsion $60 million for the Prolieve assets in three installments, $30 million at closing and $15 million to be paid on the first and second anniversaries of the closing. Celsion repaid the principal and accrued interest on a $15 million promissory note due to Boston Scientific at closing.
The Prolieve system’s transurethral catheter uses microwave heating to reduce the enlarged prostate tissue and improve urine flow. The catheter also includes a dilatation balloon, a feature not available in other currently available microwave technologies for BPH. The balloon is used to dilate, or open, the prostatic urethra during the microwave treatment.
“The proceeds of the sale of the Prolieve assets will underwrite the development of our first drug, ThermoDox, for the treatment of primary liver cancer through filing an NDA. They will also enable us to initiate our Phase II studies for recurrent breast cancer on the chest wall,” said Michael Tardugno, Celsion’s president/CEO. “This transaction completes Celsion’s transition to an oncology drug company and will enable us to focus all of our resources on the development of ThermoDox.
Celsion develops oncology drugs, including tumor-targeting treatments using focused heat energy in combination with heat activated drug delivery systems.
In other dealmaking news:
• Dentsply International (York, Pennsylvania) has agreed to acquire the assets of Sultan Healthcare (Englewood, New Jersey), a U.S. dental consumable manufacturer recognized primarily for infection control products, dental materials and preventive products. Financial terms were not disclosed.
Dentsply said the acquisition is expected to add $45 million-$50 million to its sales on an annualized basis.
“Sultan Healthcare provides Dentsply with important entries into new consumable categories such as infection control, while complementing Dentsply’s offerings in dental materials and preventive products,” said Bret Wise, president/CEO and chairman of Dentsply.
• Hanger Orthopedic Group (Bethesda, Maryland) said it has acquired the assets of Paris O&P (Paris, Texas), a multi-site provider of orthotic and prosthetic services with locations in Texas and Oklahoma. Financial terms were not disclosed.
Hanger provides orthotic and prosthetic patient care services. It owns and operates 619 patient care centers.