Millipede Secures Investment from and Enters into Acquisition Option Agreement with Boston Scientific
On January 24, 2018, medical device manufacturer Boston Scientific announced that it has closed an investment and has entered into an acquisition option agreement with Millipede, a privately held company that has developed a system for the treatment of severe mitral regurgitation. Wilson Sonsini Goodrich & Rosati is representing Millipede in the transactions.
According to a press release, Boston Scientific has agreed to purchase a portion of the outstanding shares of Millipede, along with newly issued shares of the company, for a total consideration of $90 million. Boston Scientific also has the option to acquire the remaining shares of the company at any time prior to the completion of a first in human clinical study that meets certain parameters. Upon the completion of the clinical study, Millipede has the option to compel Boston Scientific to acquire the remaining shares of the company. Each company's option period expires by the end of 2019. Completion of this acquisition would result in an additional $325 million payment by Boston Scientific at closing, with a further $125 million becoming payable upon achievement of a commercial milestone.
The WSGR team representing Millipede in the transaction includes partners Casey McGlynn, Philip Oettinger, Scott McCall, David Hoffmeister, Susan Reinstra, Myra Sutanto Shen; Of Counsel Andrew Bryant; and associates Brian Appel, Drew Morris, RJ Lang, Mike Klippert, Alex Key, and Briza Sanchez.
For additional information, please see Boston Scientific's press release.