By Colin Kellaher

Boston Scientific has agreed to acquire smaller medical-technology company Relievant Medsystems for an initial $850 million in cash in a deal that expands its portfolio of treatments for chronic low back pain.

Boston Scientific on Tuesday said Relievant's Intracept intraosseous nerve ablation system is approved by the U.S. Food and Drug Administration to treat vertebrogenic pain, a form of chronic low back pain.

Boston Scientific said Relievant expects to generate sales of more than $70 million this year, with sales growth topping 50% in 2024.

The Marlborough, Mass., company said it expects to complete the acquisition in the first half of 2024, adding that the deal carries undisclosed additional contingent payments based on Relievant's sales performance over the next three years.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 19, 2023 07:30 ET (11:30 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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