Cordis Corp, a portfolio company of private equity firm Hellman and Friedman (H&F), is to acquire MA Med Alliance SA (Medalliance) in a transaction valued at up to $1.135 billion, according to a report by BioWorld.
Cordis, which was acquired by H&F in August 2021, is to make an initial $35 million investment and provide an upfront payment of $200 million at closing in 2023. Achieving regulatory milestones will trigger a $125 million payment and commercial achievements through to 2029 are tied to an additional $775 million.
Cordis, which formerly owned by Johnson & Johnson, is now backed by backed by H&F and global investment firm KKR as well as Ajax Health.
Switzerland-headquartered Medalliance is the developer of the Selution Sustained Limus Release (SLR) sirolimus-eluting balloon, which Cordxis believes fits well with its existing product line.