Cordis has agreed to acquire MedAlliance, the companies announced Tuesday. Under the agreement, Cordis will initially invest $35 million and make a closing payment of $200 million in 2023. The agreement also includes regulatory milestones of up to $125 million and commercial milestones of up to $775 million through 2029, for a total consideration of up to $1.135 billion, according to a MedAlliance news release. Cordis will also immediately begin to co-promote MedAlliance’s SELUTION SLR™ drug-eluting balloon in markets where it is commercially available. The device received CE Mark approval for the treatment of peripheral artery disease in February 2020 and of coronary artery disease in May 2020, and it has obtain Investigational Device Exemptions for peripheral below-the-knee and superficial femoral artery interventions. “We are very fortunate to find a partner like Cordis, with its strong history of innovation,” MedAlliance Chairman and CEO Jeffrey B. Jump said in the news release. “The company that introduced sirolimus drug eluting stents (DES) in 1999 will be introducing the SELUTION SLR sustained limus release sirolimus drug eluting balloons (DEB), avoiding permanent metal implants and providing patients around the world with stent-less PCI [percutaneous coronary intervention].” “Nearly 20 years ago, Cordis introduced CYPHER®, the first drug-eluting stent, transforming cardiovascular treatment for patients around the world,” Cordis CEO Shar Martin said in a Cordis news release. “As a newly independent company, we are beyond proud to further our legacy of innovation and market disruption with MedAlliance and the first MicroReservoir sirolimus drug-eluting balloon, SELUTION SLR.” Image Credit: MedAlliance