Cordis acquires medical device startup MedAlliance at $1.1 billion

Cordis acquires medical device startup MedAlliance at $1.1 billion

Published: 05-10-2023 11:52:00 | By: Pie Kamau | hits: 2556 | Tags:

Cordis, a worldwide player in the development and manufacturing of interventional cardiovascular and endovascular technology, has completed the acquisition of MedAlliance, a Switzerland-based medical device startup at $1.135 billion. This acquisition adds a key growth driver to the company’s coronary and peripheral vascular portfolios as SELUTION SLR (Sustained Limus Release) Drug-Eluting Balloons (DEB) will be the first Sirolimus DEB to market in key geographies.

Shar Matin, CEO, Cordis: ''This acquisition is key in advancing Cordis’ legacy of cardiovascular innovation. We are creating leverage by joining the MedAlliance team and their world-class innovation with the reach and breadth of Cordis’ global infrastructure. This combination will add value to millions of patients and clinicians, revolutionizing vascular care.''

Amit Bohora, an early MedAlliance partner, who diligently helped steer this transaction from its inception to its conclusion, hails this acquisition as a testament to our unwavering dedication to serving patient benefit and humanity's medical needs.

"MedAlliance, a pioneer in drug device combinations, has harnessed innovation to provide a ground-breaking solution - the patented Sirolimus Drug Eluting Balloon, Selution SLR. This innovation ensures the effective delivery of the necessary medication while leaving nothing behind, revolutionizing the landscape of stentless PCI angioplasty. With Cordis, a vanguard in the field that introduced CYPHER Drug-Eluting Stents in 1999, championing this innovation is the logical progression. MedAlliance's years of research, coupled with ongoing and successful clinical studies in AsiaEurope and the United States, has resulted in CE mark approvals and four breakthrough US FDA IDE indications." says Amit Bohora.

At the core of this achievement lies MedAlliance's ground-breaking creation – the Sirolimus Drug-Eluting Balloon (DEB), renowned as Selution SLR. This transformative technology is poised to impact the lives of millions around the world.

Jeffrey Jump, Founder, Chairman and CEO, MedAlliance: "With over two decades of experience in healthcare and medical technology, spanning strategy, research, and business, Amit has been a key contributor since foundation to MedAlliance's business and he has been an intricate part of our success, advising management and leading the worldwide commercial team, as well as the Asian clinical team. He was responsible for several important studies, including leading the Indian coronary study used for CE mark approval and has assisted in fund raising and led the commercial transition of MedAlliance integration into Cordis." 

MedAlliance, with its manufacturing facility in the United States and cutting-edge research and development centers in Switzerland and Singapore, specializes in pioneering technology and the commercialization of advanced drug-device combination products, initially tailored for coronary and peripheral artery diseases. Currently, more than 1,700 patients, out of a planned 3,326, have been enrolled in a ground-breaking Coronary randomized controlled study, designed to compare SELUTION SLR with any limus Drug-Eluting Stent (DES), with the aim of demonstrating the superiority of SELUTION SLR DEB over DES. SELUTION DeNovo, the largest DEB study ever initiated, holds the potential to redefine medical practice. Furthermore, following successful in human trials in Asia, this ground-breaking product is being embraced by distinguished cardiologists and esteemed specialty hospitals in India and rest of the world. 40,000 patients worldwide have benefited from this technology.

Praveen Chandra, Chairman, Interventional  and Structural Heart Cardiology, Medanta Hospital: "I have known Amit for over two decades, he has played an important role in creating and bringing to market an innovative technology that has a potential to serve millions of patients in this exciting era of Stentless Angioplasty. With first-hand experience coupled with impressive clinical outcomes, SELUTION SLR in IndiaJapan and Europe. This technology has the distinct opportunity to change the treatment paradigm for patients suffering from Cardiovascular and Peripheral Disease."

The acquisition of MedAlliance serves as an indomitable reminder that extraordinary products, when aligned with the noble mission of enhancing human lives, should be made universally available. Cordis will play a pivotal role in the marketing, distribution, and global accessibility of this revolutionary Drug-Eluting Balloon. As the company continues its journey toward securing US FDA Investigational Device Exemption (IDE) approvals, it stands on the precipice of delivering profound impact to millions of lives in the immediate future.

www.medalliance.com
www.cordis.com