Cordis to Acquire MedAlliance

October 18, 2022—Cordis announced it will acquire MedAlliance. The transaction is subject to customary closing conditions, including regulatory approvals.

MedAlliance is a Switzerland-based company developing drug-eluting balloons (DEBs), including the Selution SLR sustained limus release DEB. Cordis, headquartered in Miami Lakes, Florida, is a developer and manufacturer of interventional cardiovascular and endovascular technologies.

Cordis advised that the agreement includes an initial investment of $35 million and $200 million payment upon closing in 2023. Additionally, there are regulatory achievement milestones up to $125 million and commercial milestones up to $775 million through 2029.

Cordis will immediately begin copromotion of the MedAlliance Selution SLR DEB in markets where it is commercially available.

According to Cordis, the Selution platform leverages spherical microreservoirs made from biodegradable polymer mixed with the drug to control the sustained release of sirolimus. The continuous manufacturing process produces millions of precisely formed, miniature drug delivery systems. Selution SLR is designed to provide a long, highly effective pharmacokinetics release profile.

Selution SLR received European CE Mark approval for the treatment of peripheral artery disease in February 2020 and CE Mark approval for the treatment of coronary artery disease in May 2020. In the United States, MedAlliance has obtained investigational device exemptions for peripheral below-the-knee and superficial femoral artery interventions. Two investigational device exemption clinical studies are underway.

George Adams, MD, Chief Medical Officer for Cordis, stated in the press release, “I have had the privilege to meet with clinical experts around the world and review hundreds of angiograms demonstrating the impact of Selution SLR in both cardiovascular and peripheral vascular patients. The clinical outcomes are remarkable, to say the least—especially for patients with few if any other treatment options.”

Jeffrey B. Jump, Chairman and CEO of MedAlliance, added, “When looking for a partner to bring our groundbreaking Selution SLR technology to market, Cordis was the perfect fit with its proven record in the industry. Our sirolimus DEB program provides a flagship product that complements Cordis’ existing portfolio and will benefit greatly from its deep marketing and distribution expertise.”

Shar Matin, Cordis CEO, and Duke Rohlen, Executive Chairman of Cordis, also commented in the press release.

Mr. Matin stated, “Nearly 20 years ago, Cordis introduced Cypher, the first drug-eluting stent, transforming cardiovascular treatment for patients around the world. Today, we are furthering that legacy of innovation and market disruption with MedAlliance and the first microreservoir sirolimus DEB, Selution SLR."

Mr. Rohlen added, “The acquisition of MedAlliance illustrates our vision to maximize patient impact by pairing highly innovative growth drivers with Cordis’ trusted brand and extensive global commercial capabilities.”