Recent healthcare plan coverage of
Intracept® system expands access to vertebrogenic pain
treatment for tens of millions of patients
MARLBOROUGH, Mass., Nov. 17,
2023 /PRNewswire/ -- Boston Scientific
Corporation (NYSE: BSX) today announced the close of its
acquisition of Relievant Medsystems Inc., a company that offers the
only U.S. Food and Drug Administration-cleared
Intracept® Intraosseous Nerve Ablation System, a
therapy to treat vertebrogenic pain that is a form of chronic
low back pain. The Intracept system, a basivertebral nerve ablation
therapy, will be an addition to the Boston Scientific chronic pain
portfolio that includes spinal cord stimulation, radiofrequency
ablation and an interspinous spacer procedure.
Relievant recently secured national coverage from Anthem Blue
Cross Blue Shield and Humana that are both effective now, expanding
access to the Intracept system. These national payers join Cigna
Healthcare and local Medicare1 plans enabling more
access to treatments for people living with vertebrogenic pain.
These policies expand access to more than 150 million lives.
"The revolutionary therapy from Relievant has tremendous
potential to help even more people living with chronic pain," said
Jim Cassidy, president,
Neuromodulation, Boston Scientific. "The completion of this
acquisition further differentiates our position in advanced
interventional chronic pain, offering physicians the broadest
selection of evidence-based treatment options that address multiple
pain targets and change patients' lives."
The acquisition includes an upfront cash payment of $850 million and undisclosed additional
contingent payments based on sales performance over the next three
years. On an adjusted basis, the transaction is expected to be
immaterial to adjusted earnings per share in 2024, slightly
accretive in 2025 and increasingly accretive thereafter. On a GAAP
basis, the transaction is expected to be more dilutive due to
amortization expense and acquisition-related charges.
About Boston Scientific
Boston Scientific transforms lives through innovative medical
solutions that improve the health of patients around the world. As
a global medical technology leader for more than 40 years, we
advance science for life by providing a broad range of high
performance solutions that address unmet patient needs and reduce
the cost of healthcare. For more information, visit
www.bostonscientific.com and connect
on Twitter and Facebook.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements may be identified by words like "anticipate," "expect,"
"project," "believe," "plan," "estimate," "intend" and similar
words. These forward-looking statements are based on our beliefs,
assumptions and estimates using information available to us at the
time and are not intended to be guarantees of future events or
performance. These forward-looking statements include, among other
things, statements regarding the financial and business impact of
the transaction, expected net sales and related growth rates,
product launches and product performance and impact. If our
underlying assumptions turn out to be incorrect, or if certain
risks or uncertainties materialize, actual results could vary
materially from the expectations and projections expressed or
implied by our forward-looking statements. These factors, in some
cases, have affected and in the future (together with other
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operations, see Part I, Item 1A – Risk Factors in
our most recent Annual Report on Form 10-K filed with the
Securities and Exchange Commission ("SEC"), which we may update in
Part II, Item 1A – Risk Factors in Quarterly
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CONTACTS:
Jessica Sachariason
Media Relations
+1 (415) 730-2310
jessica.sachariason@bsci.com
Lauren Tengler
Investor Relations
+1 (508) 683-4479
BSXInvestorRelations@bsci.com
1 Data on file. Local Medicare coverage includes Blue
Cross Blue Shield Michigan and Palmetto GBA is a Medicare
Administrative Contractor covering Medicare patients in
Alabama, Georgia, North
Carolina, South Carolina,
Tennessee, Virginia, and West
Virginia.
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SOURCE Boston Scientific Corporation