Elutia To Sell BioEnvelope Business To Boston Scientific For $88M;Deal Strengthens Elutia’s Focus In Breast Reconstruction Market

Elutia Inc., a pioneer in drug-eluting biomatrix technologies, announced it has signed a definitive agreement to sell its EluPro™ and CanGaroo® bioenvelopes designed to protect patients receiving implantable medical devices, to Boston Scientific for $88 million in cash. The transaction highlights the value of Elutia’s proprietary biologic platform and provides capital to advance its near-term pipeline without shareholder dilution. The deal is expected to close in Q4 2025, subject to customary approvals.

“EluPro has clearly demonstrated that our proprietary drug-eluting biologics platform works at scale,” said Dr. Randy Mills, CEO of Elutia. “With the successful launch of EluPro, seven national group purchasing organization contracts secured and more than 160 value analysis committee approvals, we have shown that we can develop, manufacture and commercialize these highly regulated breakthrough products, and that they are valued by physicians.

“Now, with a transformed balance sheet, an established commercial engine and a proven team, we are ready to repeat our success with NXT-41x. This novel technology is designed to transform the $1.5 billion breast reconstruction market and help women recovering from breast cancer to thrive without compromise,” added Dr. Mills.

Elutia stated the sale will transform its balance sheet by eliminating outstanding debt, resolving litigation related to its previously divested Orthobiologics business, and reducing its overall cash burn. The transaction also delivers non-dilutive funding to fully support the development and commercialization of its lead candidates, NXT-41 and NXT-41x, positioning the company on a clear path toward cash-flow positive operations.

Post-sale, Elutia will sharpen its focus on advancing its SimpliDerm franchise and drug-eluting pipeline in the $1.5 billion U.S. breast reconstruction market. Building on its expertise with EluPro, the company aims to address significant unmet needs in this large and growing therapeutic area. BofA Securities acted as financial advisor to Elutia for the transaction.