Log in or Register for enhanced features | Forgotten Password?
White Papers | Suppliers | Events | Report Store | Companies | Dining Club | Videos
Specialty Devices
Cardiovascular Devices
Return to: MDBR Home | Specialty Devices | Cardiovascular Devices

QT Vascular to divest coronary assets to Teleflex

MDBR Staff Writer Published 25 May 2018

Singapore-based firm QT Vascular has signed an asset purchase and option agreement (APOA) with US-based Teleflex Life Sciences Unlimited Company and Teleflex for the sale of its intellectual property rights to its non-drug coated coronary products, including Chocolate XD and Glider.

The APOA also offers an option to Teleflex to acquire the drug coated coronary balloon catheter, known as Chocolate Heart, which is currently under development by QT Vascular.

QT Vascular is yet to receive approval from its shareholders regarding the APOA.

The latest deal is valued at S$98.4m ($73m), which includes S$26.2m ($20m) for the non-coated coronary products, S$65.6m ($49m) for the coated coronary product.

Besides, up to S$6.6m ($5m) of the total consideration will be paid upon the realisation of certain revenue milestones from the sales of the non-coated products by Teleflex, reported businesstimes.com.sg.

QT Vascular CEO Eitan Konstantino said: “We will work closely with Teleflex's team to bring our pioneering drug coated coronary product, Chocolate Heart, to the US market.”

Following the completion of the latest deal, QT Vascular will continue to develop and market its other products, which comprise the company’s differentiated drug coated percutaneous transluminal angioplasty balloon, Chocolate Touch.

QT Vascular is currently enrolling patients as part of a 50 centre US IDE clinical trial that aims to support the development of Chocolate Touch.

In January this year, the company sold its Chocolate PTA balloon catheter to global medical device company Medtronic for $28m.

The deal was result of an asset purchase option agreement signed between the companies last year.

It is expected to boost Medtronic’s portfolio as well as provide the customers with a stand-alone and adjunctive treatment option for peripheral artery disease above and below the knee.

The deal also validated the value of the PTA to enhance outcomes in patients with peripheral artery disease.