Murray Hill, NJ-based C. R. Bard ($BCR) has bought venture-backed Lutonix for $225 million at closing, with an additional $100 million to be paid upon PMA approval of the latter's drug-coated percutaneous transluminal angioplasty balloon. The transaction is structured as a merger.
Lutonix, which located in Minneapolis, is conducting the first and only FDA-approved IDE trial using drug-coated balloons for the treatment of peripheral arterial disease. According to estimates, the global peripheral vascular market for drug-coated balloons could approach $1 billion annually over the next decade, Bard says in a release.
Lutonix's multinational, 476-patient pivotal trial is evaluating its drug-coated balloon versus standard balloon angioplasty. It has enrolled roughly 160 patients to date. Participants in the study will be followed for 5 years, with PMA submission after one year of follow-up--which would probably be some time in 2014.
Lutonix, which was founded in July 2007, obtained the CE Mark this year, and Bard expects to start selling the device in Europe in the second half of 2012.
- see the Bard release