MedAlliance, a pioneering medical device startup, acquired by Cordis of USA in a landmark $1.135-billion deal

Geneva, Switzerland, Oct 6, 2023: MedAlliance, the visionary Swiss-based medical technology company, is delighted to announce the successful acquisition by Cordis, a transaction valued at $1.135 billion (about Rs 10,000 crore). This union represents a remarkable milestone in the realm of medical innovation, furthering their shared commitment to addressing global healthcare challenges.

Amit Bohora, an early MedAlliance partner, who diligently helped steer this transaction from its inception to its conclusion, hails this acquisition as a testament to their unwavering dedication to serving patient benefit and humanity's medical needs.

"MedAlliance, a pioneer in drug-device combinations, has harnessed innovation to provide a ground-breaking solution—the patented Sirolimus Drug Eluting Balloon, Selution SLR. This innovation ensures the effective delivery of the necessary medication while leaving nothing behind, revolutionising the landscape of stent-less PCI angioplasty. With Cordis, a vanguard in the field that introduced CYPHER Drug-Eluting Stents in 1999, championing this innovation is the logical progression. MedAlliance’s years of research, coupled with ongoing and successful clinical studies in Asia, Europe and the United States, has resulted in CE mark approvals and four breakthrough US FDA IDE indications." said Bohora.

“Amit has been a key contributor since foundation to MedAlliance’s business and he has been an intricate part of our success, advising management and leading the worldwide commercial team, as well as the Asian clinical team.  He was responsible for several important studies, including leading the Indian coronary study used for CE mark approval and has assisted in fund-raising and led the commercial transition of MedAlliance integration into Cordis,” said Jeffrey Jump, Founder, Chairman and CEO of MedAlliance.

At the core of this achievement lies MedAlliance's ground-breaking creation–the Sirolimus Drug-Eluting Balloon (DEB), renowned as Selution SLR. This transformative technology is poised to impact the lives of millions around the world.

“I have known Amit for over two decades, he has played an important role in creating and bringing to market an innovative technology that has the potential to serve millions of patients in this exciting era of Stentless Angioplasty. With first-hand experience coupled with impressive clinical outcomes, SELUTION SLR in India, Japan and Europe. This technology has the distinct opportunity to change the treatment paradigm for patients suffering from Cardiovascular and Peripheral Disease,” said Dr Praveen Chandra, Chairman, Interventional and Structural Heart Cardiology, Medanta Hospital, India.

MedAlliance, with its manufacturing facility in the United States and cutting-edge research and development centers in Switzerland and Singapore, specialises in pioneering technology and the commercialisation of advanced drug-device combination products, initially tailored for coronary and peripheral artery diseases. Currently, more than 1,700 patients, out of a planned 3,326, have been enrolled in a ground-breaking Coronary randomised controlled study, designed to compare SELUTION SLR with any limus Drug-Eluting Stent (DES), with the aim of demonstrating the superiority of SELUTION SLR DEB over DES. SELUTION DeNovo, the largest DEB study ever initiated, holds the potential to redefine medical practice. Furthermore, following successful human trials in Asia, this ground-breaking product is being embraced by distinguished cardiologists and esteemed specialty hospitals in India and the rest of the world. 40,000 patients worldwide have benefited from this technology.

“With over two decades of experience in healthcare and medical technology, spanning strategy, research, and business, Amit Bohora has been instrumental in the vision of making this transformative technology accessible worldwide, as I am sure he will do for many companies in the future," said Jump.

"With over 100 million diabetic patients, India stands at the threshold of a medical technology revolution, a trillion-dollar opportunity. The nation's burgeoning healthcare sector not only fuels economic growth but also benefits from a positive funding environment. In a country boasting one of the world's largest cardiovascular patient population, this is the next frontier of growth in healthcare. The Indian medical device industry, already valued at Rs 90,000 crore ($11 billion), is projected to surge to Rs 3.6 lakh crore ($44 billion) by 2030, underscoring the immense potential and vitality of the healthcare landscape in India," added Bohora.

The acquisition of MedAlliance serves as an indomitable reminder that extraordinary products, when aligned with the noble mission of enhancing human lives, should be made universally available. Cordis will play a pivotal role in the marketing, distribution, and global accessibility of this revolutionary Drug-Eluting Balloon. As the company continues its journey toward securing US FDA Investigational Device Exemption (IDE) approvals, it stands on the precipice of delivering the profound impact to millions of lives in the immediate future.

For media inquiries, please contact: Richard Kenyon

rkenyon@medalliance.com

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