Dive Brief:
- Boston Scientific continued its active M&A year with an agreement to buy privately held Cortex for an undisclosed amount.
- Cortex develops diagnostic mapping technology to detect potential signs and triggers of atrial fibrillation (AFib) outside of the pulmonary veins. In the announcement Monday, Boston Scientific pitched the company’s technology as a tool for physicians to develop ablation procedure strategies in complex AFib cases.
- Boston Scientific expects to close the deal in the first half of 2025. It said the purchase will have an immaterial impact on adjusted earnings per share next year.
Dive Insight:
The Cortex deal continues Boston Scientific’s billion-dollar spending spree this year. Boston Scientific recently completed its Silk Road Medical acquisition for an equity value of $1.28 billion. However, the company is still waiting to close its $3.7 billion purchase of Axonics — announced in early January — after the Federal Trade Commission requested more information.
Cortex would add to Boston Scientific’s electrophysiology portfolio amid a reshuffling of AFib treatments with the emergence of pulsed field ablation devices. Boston Scientific’s Farapulse system was one of the first PFA devices approved by the Food and Drug Administration, shortly after the agency’s nod for Medtronic’s technology.
Ablation treatments — either PFA, radiofrequency ablation or cryoablation — deliver energy to areas of the heart to treat AFib, an irregular heartbeat that can lead to blood clots and stroke. PFA has taken off this year following product approvals as physicians have adopted the treatment over prior methods.
Nick Spadea-Anello, Boston Scientific’s global president of electrophysiology, said in the deal announcement that the company looks forward to advancing Cortex’s cardiac mapping technology and generating more clinical evidence.
“[Cortex’s Optimap system] has demonstrated it can help physicians devise a targeted ablation strategy for complex cases, which can lead to improved procedural efficiency and outcomes in patients with challenging atrial arrhythmias,” said Spadea-Anello.
Cortex received the FDA’s 510(k) clearance for the Optimap system in 2023, according to Boston Scientific. Optimap uses a catheter and proprietary algorithm to identify potential active sources of AFib.
Cortex recently initiated a clinical trial to test the Optimap technology in identifying extra-pulmonary vein sources. CEO Duke Rohlen said Monday that joining Boston Scientific will allow Cortex to “further develop this technology, which we believe has the ability to transform the treatment of [AFib] for patients around the world."
Cortex was established by Ajax Health, an investment firm focused on medtech companies.
