New York-listed Boston Scientific has acquired a company it previously backed in a corporate venturing deal, buying heart treatment company Cameron Health for up to $1.35bn.
The acquisition is for an upfront sum of $150m, followed by $150m upon FDA approval of the company’s main product, plus up $1.05bn if the company makes revenue-based milestones during the six-year period following FDA approval. Cameron Health is not the only Boston Scientific portfolio company it has acquired in the last two years. The company has also offered to buy portfolio companies including asthma equipment company Asthmatx, heart treatment company Sadra Medical and brain stimulation company Intelect Medical, in the last two years.
New York-listed Boston Scientific exercised its option to buy Cameron Health, which it received when it invested in the company in 2004.
The companies said Cameron Health "has developed the world’s only commercially available "subcutaneous implantable cardioverter defibrillator", which prevents sudden death from heart problems. Unlike other defibrillators, this does not need a lead injected into a patient.
The companies said the business expected FDA approval for its device next year. Its product is already available in select geographies, including several European countries.
Cameron Health raised $107m in May last year led by Alloy Ventures and Delphi Ventures. News provider In Vivo said other backers of the company included CDIB BioVentures, Investor Growth Capital, Pinnacle Ventures, PTV Sciences, Three Arch Partners and Versant Ventures.
The company has raised an estimated $238.3m. It received $51.5m in March 2008, according to this SEC filing. It also received $34.8m in 2007, according to this SEC filing.
The company received $15m in 2005, according to this SEC filing. The company also received $30m in 2003, according to this SEC filing. Shortly after the filing for $30m, Boston Scientific announced in 2004 it had invested in Cameron, with an option to acquire the company.