Medical device manufacturer Boston Scientific has agreed to acquire US-based venous stent technology developer and portfolio company Veniti for an initial $108m in cash.
Veniti is developing a venous stent system intended to treat venous disease, a condition where blood stops flowing smoothly to the heart and instead gathers in a patient’s leg veins, by expanding to ensure blocked veins remain open.
The cash payment could be increased by up to $52m in additional payments should the company’s Vici stent system receive approval from the US Food and Drug Administration.
Boston Scientific had owned 25% of the company since 2016 when it provided $25m in series D capital in a deal that increased Veniti’s overall financing to more than $65m since it was founded in 2010.
Veniti’s exiting backers also include Nitinol Devices and Components (NDC), which has not revealed the details of its investment, though its president and CEO joined Veniti’s board of directors at the time of the latter’s $13.5m series A round in 2011.
Baird Venture Partners, Hambrecht & Quist (H&Q), Prolog Ventures, St. Louis Arch Angels and various angel investors supplied the series A funding, before Vectis Healthcare & Life Sciences Fund led a $9.7m series B round in 2013.
Baird Capital and H&Q successor Tekla Capital Management co-led the equity portion of a $17m debt and equity round for the company two years later, with Life Sciences Alternative Funding putting up the debt. Volcano Capital, Holton Capital Group and CD-Venture are also backers.