Boston Scientific Corp. has agreed to acquire Veniti Inc., a medical device startup with most of its operations in Sunset Hills, in a deal worth up to $160 million, according to a press release.
Boston Scientific, a Massachusetts-based medical device manufacturer, invested in Veniti in 2016 and currently owns 25 percent of the startup. Other past investors include the St. Louis Arch Angels and the Holton Capital Group of St. Louis.
The deal calls for Boston Scientific to pay $108 million in up-front cash and up to $52 million in follow-on payments if Veniti’s VICI stent system wins approval from the U.S. Food and Drug Administration.
The system was designed to treat venous obstructive disease, which blocks or damages the veins and affects more than 1.1 million people in the U.S. and Western Europe annually, according to the release.
Veniti was founded in New York in 2009 and moved to the St. Louis area the next year, the St. Louis Post-Dispatch reports. Today, Veniti lists its headquarters as Fremont, California, but the company maintains a sizable St. Louis presence.
The company’s founder, Sean Morris, now leads another St. Louis-area startup called Pulse Therapeutics.