Boston Scientific Completes Acquisition of Relievant Medsystems, Inc. off
Recent coverage of Intracept in the healthcare plan® system expands access to vertebrogenic pain treatment to tens of millions of patients
MARLBOROUGH, Mass., Nov. 17, 2023 /PRNewswire/ — Boston Scientific Corporation (NYSE: BSX) today announced the completion of its acquisition of Relievant Medsystems Inc., a company offering the only U.S. Food and Drug Administration-approved Intracept system® Intraosseous nerve ablation system, a therapy for the treatment of vertebrogenic pain, a form of chronic low back pain. The Intracept System, a basivertebral nerve ablation therapy, will complement Boston Scientific’s chronic pain portfolio, which includes spinal cord stimulation, radiofrequency ablation and an interspinous spacer procedure.
Relievant recently secured national coverage from Anthem Blue Cross Blue Shield and Humana, both of which are now effective and expanding access to the Intracept system. These national payers join Cigna Healthcare and local Medicare1 plans that allow greater access to treatments for people with vertebrogenic pain. This policy expands access to more than 150 million lives.
“Relievant’s revolutionary therapy has tremendous potential to help even more people with chronic pain,” said Jim Cassidy, president, Neuromodulation, Boston Scientific. “The completion of this acquisition further differentiates our position in advanced interventional chronic pain, providing physicians with the broadest selection of evidence-based treatment options that address multiple pain targets and transform patients’ lives.”
The acquisition includes an upfront cash consideration of $850 million and undisclosed additional contingent payments based on sales performance over the next three years. On an adjusted basis, the transaction is not expected to be material to adjusted earnings per share in 2024, increasing slightly in 2025 and increasing thereafter. On a GAAP basis, the transaction is expected to have a greater dilutive effect due to depreciation and acquisition-related costs.
About Boston Scientific
Boston Scientific transforms lives through innovative medical solutions that improve the health of patients around the world. As a global leader in medical technology for more than 40 years, we advance science for life by providing a broad range of high-quality solutions that address patients’ unmet needs and reduce healthcare costs. To learn more, visit www.bostonscientific.com and get connected Tweet and Facebook.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as “anticipate,” “expect,” “expect.” project”, “believe”, “plan”, “estimate”, “intend” and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates based on information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding the financial and business impact of the transaction, expected net sales and related growth rates, product launches and product performance and impact. If our underlying assumptions prove incorrect, or if certain risks or uncertainties materialize, actual results could differ materially from the expectations and projections expressed or implied in our forward-looking statements. These factors have in some cases (along with other factors) affected our ability to implement our business strategy and could cause actual results in the future to differ materially from those contemplated by the statements contained in this press release. As a result, readers are cautioned not to place undue reliance on our forward-looking statements.
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Media relations
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BSXInvestorRelations@bsci.com
1 Data on file. Local Medicare coverage includes Blue Cross Blue Shield Michigan and Palmetto GBA is a Medicare Administrative Contractor covering Medicare patients in Alabama, Georgia, North Carolina, South Carolina, Tennessee, Virginia and West Virginia.
SOURCE Boston Scientific Corporation
