Abbott and Surmodics proclaimed having forayed into an agreement wherein Abbott will possess exclusive commercialization rights for Surmodic’s Surveil drug-coated balloon to treat the superficial femoral artery current;y being assessed in a U.S pivotal Clinical Trial.
Abbott also received options to negotiate agreements for Surmodics’ below-the-knee and arteriovenous (AV) fistula drug-coated balloon products, which are currently in pre-clinical development. As far as the terms of the agreement are concerned, Surmodics which is a leading provider of medical device and in vitro diagnostic technologies to the healthcare industry will supply the SurVeil drug-coated balloon to Abbott. The two companies set to collaborate on product development, Clinical trials and regulatory activities to acquire marketing approval in the U.S and Europe. The Surveil drug-coated balloon will complement and extend Abbott’s broad line of vascular devices for treating peripheral artery disease, including stents and vessel Closure devices. Abbott caters to the $30 billion-dollar global cardiovascular market, with leadership positions in several large and fast-growing areas, including cardiac rhythm management, electrophysiology, structural heart and heart failure.
Chuck Brynelsen, senior vice president of Abbott’s vascular business said “This agreement enhances our fast-growing endovascular portfolio, and we look forward to offering this solution to physicians to give them more and better options to help their patients live their fullest lives.”
PAD is a serious and often underdiagnosed circulatory condition that can lead to other serious vascular conditions. Drug-coated balloons have emerged as an important treatment option in treating PAD, which affects an estimated 200 million people worldwide. The SurVeil drug-coated balloon includes a proprietary drug-excipient formulation for a durable balloon coating and is manufactured using an innovative process to improve coating uniformity.
Surmodics’ SurVeil drug-coated balloon is currently being evaluated in the TRANSCEND pivotal clinical trial and is being compared with the current market-leading drug-coated balloon in treating PAD in the legs. The SurVeil drug-coated balloon is currently for investigational use only.
Surmodics will receive a $25 million upfront payment and may earn an additional $67 million for various product development milestones.