MIV Therapeutics Inc., a Canada-based firm into research and development of next-generation biocompatible coatings and drug delivery technologies, is acquiring the Surat-based Sahajanand Medical Technologies (SMT), claimed to be the third largest manufacturer of coronary drug eluting stents in the world and the largest privately held manufacturer of DES outside North America.
The agreement is likely to be signed next month and already a Letter of Intent has been signed between SMT and MIVT. As part of the agreement, Dhirajlal Kotadia, founder and CEO of Sahajanand Medical Technologies, has been appointed as the co-chairman and managing director of International Operations for MIVT.
When contacted, Manish Doshi, director, Sahajanand Medical Technologies confirmed the development to Pharmabiz and said MIVT is acquiring 100 per cent of equity capital of SMT. The firm would continue as an Indian subsidiary for MIV Therapeutics. However, he refused to divulge more details and financial aspects involved in the acquisition. “Various products including new drug eluting stents are in the pipeline. We are also planning a new bio-degradable stent to be launched by next year,” said Manish Doshi.
SMT, one of the two domestic DES manufacturers, is a leader in the use of high-precision laser technology for cardiovascular medical solutions. Established in 1997, its coronary and DES stents are sold in more than 33 countries and has been used in more than 30,000 implants. The Rs 35-crore company, which includes export revenues to the tune of Rs 15 crore, is on the threshold of crossing 50,000 implanted stents and a turnover of $ 20 million, this year. SMT had launched Infinnium Revolutionary Paclitaxel DES in the Indian market in 2002, and two years later introduced the Supralimus stent. SMT’s products are supplied to over 140 Cathlabs across India, according to sources.
The Canada-based MIVT also had recently acquired SagaX Medical Technologies, a privately held firm developing a proprietary Aortic Embolic Protection Device (AEPD), a novel filtration device designed to prevent Cardioembolic Strokes by diverting particles that might otherwise reach the brain.
In collaboration with the University of British Columbia (UBC), the company has developed unique coating technologies that utilize Hydroxyapatite (HAp) for application on medical devices and drug delivery systems. MIVT has a strategic alliance with the University of British Columbia (UBC), where it has licensed from the worldwide rights to technologies for coating stents and other medical devices with HAp. This coating enhances the biocompatibility of implanted devices since it is a material that is found in the body as the main constituent of bone. MIVT plans to enter the drug-eluting stent market by using a thicker coating of HAp loaded with a suitable anti-inflammatory drug. The technology has applications in cardiovascular and non-cardiovascular drug/device combination products, including peripheral stents, biodegradable implants, gene therapy, and delivery systems for release of chemotherapeutic agents.
The Sahajanand and SagaX agreements are likely to significantly broaden MIVT's portfolio of technology and expertise, and are expected to provide a major boost to its marketing and commercialization efforts, including foray into the highly potential DES global market, informed MIVT sources.