Marlborough, Mass.-based Boston Scientific Corp. will acquire VENITI Inc. for $108 million in upfront cash.
Boston Scientific is an existing investor in VENITI and currently owns a 25% stake in the company.
VENITI is a privately held medical equipment maker based in Fremont, Calif. The company is developing the VICI Venous Stent System for treating obstructive diseases of veins.
Venous obstructive disease — instances of abnormal, blocked or damaged veins — affects more than 1.1 million people in the U.S. and Western Europe annually. Vein obstructions can prevent proper blood circulation and cause patients to experience pain, swelling, ulcers and a diminished quality of life.
The VICI system is an investigational device and is pending regulatory approval in the U.S. The company submitted a pre-market approval application to the U.S. Food and Drug Administration in June.
Boston Scientific will also pay VENITI up to $52 million subject to the approval of the device by the FDA.
VICI, if approved, will be the first stent treatment for the veins located outside the chest and abdominal regions.
Boston Scientific said the acquisition will be immaterial to its 2018 and 2019 adjusted earnings and will be accretive thereafter.