Sun Biomedical negotiating acquisition of biodegradable heart surgery device manufacturer Monday, December 02, 2013 by Proactive Investors
Sun Biomedical is negotiating the acquisition or licensing of a biodegradable heart surgery device.
Sun Biomedical (ASX: SBN) has entered into an exclusivity arrangement to negotiate a licensing or acquisition deal with Parvulus Medical.
Parvulus is the owner of medical technology for of a biodegradable device used in heart valve repair surgery.
The Parvulus Intra Annular Ring has significant advantages for adult patients, but most importantly it is the only device approved for paediatric patients, as it preserves growth of the heart valve’s annulus.
There are an estimated 158,000 paediatric procedures performed annually, translating into a $100 million sales market in the Asia Pacific region alone.
Clinical testing has validated the technology as safe and effective compared to other valve repair options and resulted in minimal need for valve re-operation or replacement.
Both parties have agreed to an exclusive period commencing today and concluding on 15 January 2014 to complete technical and legal due diligence and agree commercial terms on the proposed license agreement or acquisition.
The potential transaction represents an attractive opportunity for Sun to move into the therapeutic space.
Sun currently controls assets and intellectual property in the area of occupational drug testing, and is looking to commercialise improved versions of its “Oraline®” hand held multi-drug test device. Kens
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