Relievant Medsystems Sold to Boston Scientific for $850M
Edina-based med-tech firm Relievant Medsystems is slated to change hands in a deal worth at least $850 million.
Last week, Boston Scientific Corp. announced that it has reached a deal to purchase Relievant for $850 million upfront, with the potential for “undisclosed additional contingent payments” based on financial performance over the next three years.
The deal is expected to close in the first quarter of 2024, pending regulatory approval.
Relievant sells a novel treatment for “vertebrogenic pain,” a specific form of back pain estimated to affect around 5 million people in the United States. Relievant’s “Intracept” treatment works by forcing a nerve in the vertebrae to stop sending signals to the brain. The company earned FDA approval for it back in 2016.
Originally hailing from California, Relievant moved its corporate headquarters to Minnesota in 2018. Earlier this year, the company announced a $50 million Series G raise, bringing its total raised to date to about $240 million.
In an email, a Boston Scientific spokeswoman said that Relievant is expected to become part of Boston Scientific’s “neuromodulation business,” a broader business unit that includes a number of products designed to treat chronic pain and neurological diseases.
“An integration team is being assembled to develop these plans, which will be finalized post-close during the months ahead,” the spokeswoman said. “Until closing … Relievant will continue to run its business independently.”
Boston Scientific is based in Massachusetts, but it has significant operations in Minnesota and employs about 8,700 people in total here, according to the Star Tribune.
Tyler Binney, Relievant’s president and CEO, said the deal marks “an exciting step forward to shaping the future of chronic low back pain with Boston Scientific as a leader in the interventional chronic pain space.”
