H.I.G. BioHealth Partners Completes Sale of Vertiflex to Boston Scientific
MIAMI – June 18, 2019 – H.I.G. BioHealth Partners (“H.I.G.”), the dedicated healthcare investment affiliate of H.I.G. Capital, a leading global private equity investment firm with over $30 billion of equity capital under management,* recently announced the sale of Vertiflex, Inc. (“Vertiflex” or the “Company”) to Boston Scientific (NYSE: BSX), a global leader in medical technology, for a total equity value of approximately $465 million in cash and additional payments contingent on the Company attaining certain commercial goals.
Founded in 2005 in Carlsbad, CA, Vertiflex is a leading innovator of advanced, minimally invasive interventions for spinal stenosis and has developed and marketed the Superion® Indirect Decompression System, a minimally-invasive device used to improve physical function and reduce pain in patients with lumbar spinal stenosis (LSS).
Earl Fender, VertiFlex CEO commented, “H.I.G. was an ideal partner with which to execute on our growth strategy. Their collaborative operational approach, unique resources and deep experience helped drive the success of the Company’s commercial efforts and an outstanding outcome for all involved.”
Michael Wasserman, Ph.D., an H.I.G. Managing Director and former Vertiflex board member, said, “The successful sale to Boston Scientific is a testament to the synergy realized between investors and management to provide broad access to VertiFlex’s novel and clinically valuable products which have tremendous benefits to patients, physicians and the healthcare system as a whole. We look forward to watching the Company’s future success as they improve the quality of life for many patients suffering from LSS.”
About H.I.G. BioHealth Partners
H.I.G. BioHealth Partners is the dedicated life-science investment affiliate of H.I.G. Capital. H.I.G. BioHealth Partners invests in a broad range of healthcare opportunities across sectors and stages, principally in companies developing therapeutic drugs, medical devices, and diagnostics for significant unmet medical needs. With approximately $400 million in committed capital, H.I.G. BioHealth Partners invests $5 million to $40 million per company over the life of an investment. For more information, please refer to the H.I.G. BioHealth Partners website at www.higbio.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.