Carlsbad-based Vertiflex – maker of a device that reduces spine pressure – was acquired by Boston Scientific.
The deal includes Boston Scientific paying $465 million upfront in cash, with additional payments dependent on commercial milestones over the next three years.
Vertiflex’s superion system – approved by the U.S. Food and Drug Administration in 2015 – spaces out parts of the vertebrae, relieving pain and increasing mobility.
The procedure is geared toward lumbar spinal stenosis, a condition that pinches nerves, causing lower back and leg pain. Eligible patients don’t respond to first-line treatments, but aren’t severe enough to need spinal fusion or laminectomy.
This year privately held Vertiflex expects to hit $60 million in sales, according to the company, which has 100 employees. Founded in 2005, Vertiflex raised $170.3 million, per Crunchbase.
Boston Scientific, company officials said, scooped up Vertiflex to expand its pain management offerings.