Boston Scientific Announces Purchase of California Biotech Company
Boston Scientific, a Council member, recently announced that it has acquired a California biotech company, Vertiflex, that specializes in treating lumbar spinal stenosis. The transaction, valued at least $465 million, is the first announced by Boston Scientific in 2019.
Vertiflex is known for the Superion Indirect Decompression System that it developed and commercialized, which is a minimally invasive device used to treat the condition. This system was approved by the U.S. Food & Drug Administration in 2015 to treat the condition by alleviating pressure on the nerves and relieving pain, numbness and cramping in the legs. Sales of the device are expected to reach $60 million this year.
Maulik Nanavaty, President of Neuromodulation at Boston Scientific, said, “The addition of this differentiated technology, along with our leading spinal cord stimulation and radiofrequency ablation technologies, will provide physicians with the widest variety of solutions available to manage the growing number of patients suffering from chronic pain.”
The NEC congratulates Boston Scientific on this pivotal acquisition, and for enhancing its ability to relieve the discomfort of those suffering from lumbar spinal stenosis.