Boston Scientific has signed a definitive agreement to acquire BridgePoint Medical, a privately held company based in Minneapolis, which develops a catheter-based system to treat coronary chronic total occlusions (CTOs).
The transaction is expected to close in the fourth quarter, subject to customary closing conditions. Financial terms of the transaction were not disclosed.
BridgePoint's CTO system is comprised of the CrossBoss CTO crossing catheter and the Stingray CTO re-entry system, and is designed to navigate occluded coronary arteries as a means of blood flow restoration. The CrossBoss and Stingray systems have received both FDA clearance and CE Mark, and is currently the only crossing and re-entry system cleared in the U.S. for use in coronary CTOs. The OffRoad CTO device is an investigational device and is not available for sale in the U.S.
CTOs typically last three months or longer, and prevent blood circulation to critical areas of the heart. Catheter-based CTO devices have the potential to offer catheter-based treatment, as opposed to surgery.
The transaction is expected to have an "immaterial impact on GAAP and adjusted earnings in 2012 and 2013 and be modestly accretive thereafter," the Natick, Mass.-based company stated.