Boston Scientific buys Prolieve assets
Boston Scientific Corp. is buying Prolieve prostate-treatment assets from Celsion Corp. for $60 million.
Celsion, a Columbia, Md., research and development company, said today the sale will complete its transition to focusing on oncology drugs, allowing it to fully focus on development of its lead drug, ThermoDox.
Prolieve is a heat dilation treatment for problems associated with enlarged prostates and urination difficulty in men.
Celsion will get $30 million at the close and then $15 million each on the first and second anniversaries of the sale. The $30 million upfront payment will be reduced by about $17 million to cover debts Celsion owes Boston Scientific, Celsion said.
Under an earlier agreement, Celsion was to have received $60 million at the close. Celsion posted 2006 revenue of about $11.3 million, while Boston Scientific, based in Natick, has 2006 revenue of about $7.82 billion.
(Thomas C. Palmer Jr., Globe staff)
