Press releases report that Boston Scientific (BSX) has entered an agreement to acquire medical device developer Silk Road Medical in a deal totaling $1.16 billion.

Silk Road Medical has reportedly developed devices and methods for transcarotid artery revascularization (TCAR), designed to non-invasively address carotid artery disease. The disease causes one-third of all strokes and is characterized by the buildup of plaque in the carotid arteries. In the TCAR procedure, blood flow is temporarily reversed in the carotid artery to move blood away from the brain. This allows physicians to place a stent in the artery, through a small incision in the neck, while mitigating the risk of dislodging plaque and causing a stroke.

The U.S. Food and Drug Administration (FDA) reportedly first approved the TCAR system in 2015. One study reports that TCAR has become the primary carotid revascularization approach in the U.S.

Cat Jennings, President of Vascular and Peripheral Interventions of Boston Scientific, stated in a press release:

“The TCAR platform developed by Silk Road Medical is a notable advancement in the field of vascular medicine, which has revolutionized stroke prevention and the treatment of carotid artery disease. We believe the addition of this clinically differentiated technology to our vascular portfolio demonstrates our continued commitment to provide meaningful innovation for physicians who care for patients with peripheral vascular disease.”

The transaction is expected to be completed in the second half of 2024.