Boston Scientific (NYSE:BSX) said today it inked a $275 million deal to acquire women’s health-focused nVision Medical, which produces an FDA-cleared device designed to collect cells from fallopian tubes as an early diagnosis of ovarian cancer.
In the deal, Boston Scientific will pay $150 million up front with an additional $125 million in possible milestone payments over four years. The company said it expects the acquisition to be immaterial on an adjusted basis in 2018 and 2019, and accretive after.
“We estimate the near-term market opportunity to be $500 million with the potential to grow to $2 billion as this device is used by more gynecologists to help even more women. We are committed to expanding our women’s health portfolio and driving clinical research that will help deliver innovative options for the prevention and treatment of gynecological cancer,” Boston Scientific MedSurg prez Dave Pierce said in a prepared statement.
Initial studies of nVision’s screening device found that the cells it collected, when tested, correlated with post-surgery definitive diagnoses of ovarian cancer, Marlborough, Mass.-based Boston Scientific said.
Boston Scientific said it plans to conduct additional research with the nVision device to explore how cells it collects from the fallopian tubes can be used to produce diagnoses prior to surgery to aid in decision making for women with increased risk of ovarian cancer.
“We are excited to develop this technology that one day may play an important role in early detection of the disease and the prevention of unnecessary surgeries, while also serving as a foundation for our broader oncology initiatives in both diagnostics and therapeutics,” Boston Scientific global chief medical officer Ian Meredith said in prepared remarks.
“I started nVision with a goal of creating a tool to address an unmet need in women’s health. I am proud of our achievements in advancing efforts to help with the early detection of ovarian cancer and look forward to working with Boston Scientific to move this technology forward,” NVision CEO Surbhi Sarna said in a press release.
Earlier this month, Boston Scientific paid $40 million for the stake in Securus Medical Group it didn’t already own and sweetened the pot with another $10 million in milestones.