In a quiet holiday week, Boston Scientific Corporation (NYSE: BSX) made some news with its $202 million acquisition of privately held Criterion Medical, Inc.
Founded in 2016, Criterion Medical has developed a single-shot cryoablation platform for the treatment of atrial fibrillation (AF). Boston Scientific already held a 35% stake in the Carlsbad, California-based company. The $202 million paid for the 65% it didn’t already own.
The addition of this cryoballoon platform positions Boston Scientific as the first to have both cryothermal and radiofrequency (RF) single-shot, balloon-based ablation therapies in its portfolio.
This is Boston Scientific’s fourth announced acquisition in 2018, following the March acquisition of EMcision, a Canadian medical device company focused on improving the lives of cancer patients, for an undisclosed sum.
Two more deals followed in April. The company paid $40 million in cash to acquire Securus Medical Group, an Ohio-based company that develops clinical tools to improve the safety and efficacy of ablation therapy by providing real-time, non-contact, high resolution tissue temperature monitoring and mapping products.
The second target, at $150 milion, was nVision Medical, a medical device company focused on women’s health. Its portfolio includes the Mako 7, which collects cells from the fallopian tubes during a minimally-invasive hysteroscopic procedure, and a visualization device currently under development.
The Criterion Medical deal brings new benefits. The quickly expanding global electrophysiology (EP) market is estimated to reach $5 billion in 2018. Additionally, single-shot ablation therapies are believed to be the fastest growing sub-segment within the EP market, with rates well into in the double digits, and trending toward more than $1 billion over the next few years.
The Cryterion Medical cryoablation platform uses cryothermal energy to interrupt the irregular electrical signals that can cause AF. Developed with a next-generation balloon catheter, advanced mapping catheter, steerable sheath and enhanced console, the system is designed to streamline overall procedural workflow, enhance maneuverability and improve positioning in challenging anatomy.