Interventional device developer Guidant of Indianapolis has completed its acquisition of Bioabsorbable Vascular Solutions.
BVS, formerly a subsidiary of medical technology firm SyneCor, was established in March 2003 and develops site-specific therapies based on bioabsorbable technologies, according to Guidant. Guidant previously owned 51% of BVS, and acquired the remaining position for $6 million.
Under the terms of the agreement, Guidant will also make payments to SyneCor upon the achievement of certain regulatory milestones. BVS has completed a 28-day animal study of a bioabsorbable drug-eluting stent platform, providing initial data on dosing, safety, and mechanical properties of the stent, Guidant said.
By AuntMinnie.com staff writersApril 21, 2004
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