Boston Scientific is proving itself to have more stamina than the Energizer Bunny when it comes to making acquisitions. The Marlborough, MA-based company is now picking up Veniti, a firm that has developed a stent system for treating venous obstructive disease. The deal consists of $108 million up-front cash as well as up to $52 million in payments contingent upon FDA’s approval of the VICI stent system.

Boston Scientific had been an investor in Veniti since 2016 and owns 25% of the company.

Fremont, CA-based Veniti’s self-expanding, nitinol VICI stent system was developed specifically for use in the venous anatomy, which presents different challenges than placing stents in the arterial vascular system.

"This stent system was designed with the distinctive demands of the venous system in mind and built to provide physicians with a high-quality lumen across a variety of venous anatomies and disease states," Jeff Elkins, president and CEO of VENITI, said in a release. "We are excited to see this stent technology become even more accessible to physicians and the patients they treat under the leadership of Boston Scientific."

The VICI stent system received CE Mark in 2013 and VENITI submitted a PMA application to the FDA in June, using results from the recently completed VIRTUS pivotal study. Currently in the U.S., there are no stent technologies specifically indicated for use in the peripheral venous system.

"VICI could be the first venous stent in the US with a specific peripheral venous system indication," Mike Matson,  an analyst with Needham & Company, wrote in a research note.  "We believe that 12 month data from the VIRTUS pivotal study is positive and should support FDA approval (though we note the study has a five year follow up period)."

The acquisition of VENITI is expected to be immaterial to Boston Scientific adjusted earnings per share (EPS) in 2018 and 2019, and accretive thereafter. For 2018 on a GAAP basis, the transaction is expected to be accretive due to a one-time gain on prior investment.

Earlier this year, Boston Scientific’s CEO Mike Mahoney noted that there would be an uptick in deal activity. Most of the company's M&A activity this year has been small tuck-in deals that leverage capabilities that Boston Scientific currently has. Boston Scientific most recently went after Claret Medical, an embolic protection specialist, in a deal worth $270 million. Santa Rosa, CA-based Claret was the second company Boston Scientific went after in July.  To date Boston Scientific has acquired a little more than a half dozen companies.