Boston Scientific, a New York-listed medical device maker, has agreed to acquire one of its corporate venturing unit’s portfolio companies, Sadra Medical, for up to $450m in enterprise value.
Boston Scientific said as it had owned 14% of Sadra since 2006 it would pay $193m in cash initially and up to the same amount again in performance fees depending on revenue-based milestones through to 2016.
Sadra raised $30m in May last year in its series C round led by venture capital firm Accuitive Medical Ventures, and including VC peers Finistere Ventures, Firstmark Capital, Oakwood, Onset Ventures and SV Life Sciences as well as Boston Scientific.
Its series B round closed three years earlier at $19m, which is when Boston joined the consortium, and its series A round closed at $9m in mid-2004.
Sadra has recently completed a series of European feasibility studies of its Lotus Valve System, which helps treat the heart.
Ken Martin, executive president of Sadra, said: "We look forward to building upon our existing relationship with Boston Scientific and working together toward commercial success of the Lotus Valve System, which is designed to simplify and improve the entire aortic valve replacement procedure."