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Boston Scientific to acquire remaining stake in heart implant maker for $325M

Boston Scientific Corp. exercised its option to acquire the remaining stake in Millipede Inc. for $325 million to expand its portfolio of heart devices.

In January, Marlborough, Mass.-based Boston picked up a minority stake in Millipede for $90 million and was given the option to fully acquire the privately held medical device maker if Millipede successfully completed a first-in-human clinical study.

Santa Rosa, Calif.-based Millipede is developing a device called IRIS transcatheter annuloplasty ring system to treat patients with severe mitral regurgitation who cannot have open heart surgery. Mitral regurgitation is a condition in which the heart's mitral valve does not close tightly, which allows the blood to flow backward in the heart.

The system uses a procedure to tighten or reinforce the ring around the valve in the heart, which reduces the size of the dilated mitral annulus. IRIS, which is delivered by a transcatheter-transseptal delivery system, can be used as a stand-alone device or in combination with other technologies.

Millipede is also eligible for an additional $125 million if it achieves a certain commercial milestone.

The deal is expected to close in the first quarter of 2019, subject to customary closing conditions.