Covington Associates said late last month it acted as an exclusive advisor to radio-frequency ablation system manufacturer Cosman Medical during its acquisition by Boston Scientific (NYSE:BSX).
Through the acquisition, Cosman Medical’s team and products were folded into Boston Scientific’s neuromodulation business, the company said.
“This acquisition is a natural extension of our current product portfolio and will help us provide physicians and patients more options to address chronic pain with non-opioid therapeutic treatments. The addition of the Cosman Medical product line, which is built on industry-leading technology and known for its high-quality, expands our capability to provide innovative solutions for the treatment of chronic pain,” Boston Scientific neuromodulation prez Maulik Nanavaty said in prepared remarks.
Cosman Medical’s RFA products are designed to apply heat to small areas of nerve tissue to interrupt pain signals, and are regularly used prior to treatments with spinal cord stimulators which send electrical signals to the spinal cord to mask pain signals from reaching the brain, the company said.
“We are pleased to join the Boston Scientific team and help expand access to leading treatments for chronic pain. This acquisition comes at a time when our society is recognizing the impact of relying extensively on opioids to treat pain and is looking for additional approaches. Our mutual commitment to innovation and quality will help us deliver solutions,” Cosman Medical scientific director Eric Cosman said in a press release.
At the time of the purchase, Marlborough, Mass.-based Boston Scientific said it expects the net impact of the acquisition on adjusted earnings per share to break-even this year and be accretive moving forward.
“Boston Scientific’s global sales force and complementary product offerings will enable Cosman Medical’s industry leading technology and solutions to reach a much broader range of customers not only in the United States but internationally as well – thereby making this a win/win transaction for both sides,” Covington Associates managing director said Ben Dunn said in a prepared statement.