Elutia announces sale of bioenvelopes business to Boston Scientific for $88M

Elutia (ELUT) announced it has entered into a definitive agreement to sell its EluPro and CanGaroo bioenvelopes, designed to protect patients receiving implantable medical devices, to Boston Scientific Corporation (BSX) for $88 million in cash. The transaction underscores the value of Elutia’s proprietary drug-eluting biologic technology platform and enables the Company to complete development and commercialization of its near-term blockbuster pipeline without the need for shareholder dilution. “EluPro has clearly demonstrated that our proprietary drug-eluting biologics platform works at scale,” said Dr. Randy Mills, CEO of Elutia. “With the successful launch of EluPro, seven national group purchasing organization contracts secured and more than 160 value analysis committee approvals, we have shown that we can develop, manufacture and commercialize these highly regulated breakthrough products, and that they are valued by physicians.