Silk Road Medical Acquisition, Valuation, Funding & Investors

Silk Road Medical was acquired by Boston Scientific for $1.2B in June 2024, a 6.7x multiple on $177M of revenue.

Silk Road Medical acquisition price

$1.2B

Acquired by Boston Scientific · Jun 2024

Silk Road Medical revenue at acquisition

$177M

Last twelve months · Jun 2024

Silk Road Medical revenue multiple at acquisition

6.7x

EV/Revenue · Jun 2024

Cumulative funding Silk Road Medical raised

$136M

across 4 funding rounds

Silk Road Medical Overview

About Silk Road Medical

Silk Road Medical is a Sunnyvale, California-headquartered medical device company specializing in transcarotid artery revascularization for carotid artery disease. Founded in 2007, it developed the ENROUTE Transcarotid Neuroprotection System and TCAR procedure, approved by FDA in 2015. Listed on NASDAQ as SILK until 2024 acquisition by Boston Scientific for $1.1 billion, the devices treat over 100,000 patients annually worldwide. Silk Road Medical partners with 600 US hospitals.


Founded

2007

HQ

United StatesSan Francisco, CA

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$177M (Jun 2024)

Valuation

$1.2B (acquired Jun 2024)

Silk Road Medical Acquisition

Silk Road Medical was acquired by Boston Scientific for $1.2B on 18 June 2024.

The acquisition price implies a 6.7x revenue multiple on $177M of revenue.

Before the acquisition Silk Road Medical had raised $136M across 4 funding rounds.

Silk Road Medical develops an innovative platform of products for stroke prevention in patients with carotid artery disease via transcarotid artery revascularization (TCAR), a minimally invasive procedure addressing plaque buildup in neck carotid arteries. Boston Scientific, a major medical device company (NYSE: BSX), completed its acquisition of Silk Road Medical on September 17, 2024, for a purchase price of $27.50 per share, reflecting an enterprise value of approximately $1.18 billion and aggregate equity value of $1.26-$1.28 billion. The deal was announced June 18, 2024, initially valued at $1.16 billion enterprise value based on 46 million fully diluted shares and $101 million net cash as of March 31, 2024. Boston Scientific aims to strengthen its vascular technology solutions by integrating the TCAR platform into its portfolio, leveraging its significant commercial reach to deliver the treatment to more physicians and patients, thereby reducing stroke risk and improving outcomes for carotid artery disease sufferers. Silk Road guided to 2024 net revenue of $194-198 million, representing 10-12% growth over prior year. The acquisition faced U.S. Federal Trade Commission (FTC) review, with Boston Scientific withdrawing and resubmitting its premerger notification in August 2024 to allow additional scrutiny time, amid parallel FTC examination of its pending $3.7 billion Axonics acquisition. Financially, the deal projects immaterial impact on Boston Scientific's adjusted EPS in 2024 and 2025, turning accretive thereafter, while GAAP EPS faces less accretive or dilutive effects from amortization and acquisition-related charges. This acquisition aligns with Boston Scientific's active 2024 M&A strategy, including multiple billion-dollar deals to expand its vascular and peripheral interventions offerings.

Silk Road Medical acquisition details
AcquirerDateTypePriceEV/Revenue
18 Jun 2024Strategic M&A$1.2B6.7x

Silk Road Medical Funding History

Silk Road Medical has raised a total of $136M across 4 funding rounds.

Silk Road Medical's first fundraising round was a $17M Series B in April 2013. The most recent completed round was a $47M Series C in July 2017.

Silk Road Medical funding rounds

Silk Road Medical funding rounds
DateStageInvestorsRaisedDeal Summary
Jul 2017Series CNorwest (lead); The Vertical Group; Warburg Pincus; Janus Capital Group; CRG$47MSilk Road Medical, a Sunnyvale, California-based company, develops and manufactures less-invasive medical devices to improve the treatment of carotid artery disease through transcarotid therapies, including its proprietary ENROUTE family of products for TransCarotid Artery Revascularization (TCAR) procedures. TCAR is positioned as a patient-friendly approach to prevent strokes caused by carotid artery disease, with the ENROUTE system and stent being the only FDA-cleared devices indicated for transcarotid procedures at the time. By mid-2017, over 2,000 TCAR procedures had been performed worldwide, reflecting early commercial traction following FDA approvals and favorable reimbursement decisions. On July 18, 2017, Silk Road Medical raised $47 million in a financing round led by new investors Norwest Venture Partners and funds managed by Janus Capital Management LLC, with participation from existing investors Warburg Pincus, The Vertical Group, and CRG. The funds were designated to support rapid commercial growth, expansion of the commercial footprint in the United States, and entry into new international markets, as well as further innovation in transcarotid applications for acute ischemic stroke and aortic valve disease. Robert Mittendorff, a partner at Norwest and former cardiovascular device executive, joined the board as part of the financing. CEO Erica Rogers highlighted the investor syndicate as validation of TCAR's potential as a global standard of care and the company's commercial success to date. Investors viewed TCAR as a multibillion-dollar market opportunity, given 13 million annual ischemic strokes worldwide, with carotid artery disease implicated in up to one-third of cases. Prior to this round, the company had raised more than $100 million in total funding.
Oct 2015Undisclosed stageCRG (lead); The Vertical Group; Warburg Pincus$57MSilk Road Medical, Inc., based in Sunnyvale, California, develops innovative medical devices to prevent strokes through transcarotid artery revascularization (TCAR), a minimally invasive procedure combining endovascular techniques with surgical principles to treat carotid artery blockages. Their flagship products, the Enroute Transcarotid Neuroprotection System (NPS) and Enroute Transcarotid Stent System, received FDA 510(k) clearance in February 2015 and premarket approval in May 2015, respectively, for high surgical-risk patients. The systems enable direct access to the common carotid artery, initiate high-rate temporary blood flow reversal to protect the brain from stroke during stent implantation, and filter blood before returning it to the body. On October 20, 2015, Silk Road Medical announced up to $57 million in combined equity and debt financing, with CRG leading the debt portion and participating in equity alongside existing investors Warburg Pincus and The Vertical Group. The proceeds supported a controlled U.S. commercial launch of the Enroute systems initiated earlier that year, expansion of clinical evidence via the ROADSTER 2 registry, international expansion, and hiring of clinical and commercial teams. The financing underscored investor confidence in TCAR's potential to address unmet needs in carotid artery disease treatment, described as the 'last frontier in vascular medicine' by Warburg Pincus' Bess Weatherman. CEO Erica Rogers highlighted the technology's advantages in reducing procedural risks like stroke, heart attack, and nerve injury. Later data shows $14.3M revenue in 2017 and $34.6M in 2018, post-commercialization. Silk Road continued raising funds, including $47M in 2017, and pursued an $86M IPO in 2019.
Aug 2014Series A-$15M-
Apr 2013Series B-$17M-

Who has invested in Silk Road Medical?

5 investors have backed Silk Road Medical across its funding rounds, including Warburg Pincus, The Vertical Group, CRG, Norwest and Janus Capital Group.

Lead investors include Norwest and CRG.


Silk Road Medical Investors

Investors in Silk Road Medical by funding rounds participated
InvestorHQRoundsRoleFirst check
The Vertical GroupUnited StatesBasking Ridge, NJ2ParticipantOct 2015
Warburg PincusUnited StatesNew York City, NY2ParticipantOct 2015
CRGUnited StatesHouston, TX2LeadOct 2015

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Silk Road Medical Competitors

Silk Road Medical competitors include listed companies like SonoScape, Sinocare and Wandong Medical, and private ones like Scivita Medical Technology, Carestream and SiBionics.

Public and private companies comparable to Silk Road Medical
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Scivita Medical TechnologyChinaSuzhouPrivate--$1.1B-
CarestreamChinaShanghaiPrivate--$800M-
SiBionicsChinaChinaPrivate--$717M-
SonoScapeChinaChinaPublicly listed$344M$35M$1.2B2.8x
SinocareChinaChinaPublicly listed$695M$43M$1.3B1.8x
Wandong MedicalChinaChinaPublicly listed$201M($46M)$1B3.2x

Silk Road Medical Public Comps

Silk Road Medical is no longer listed, but its public comps include MicroPort EP, SonoScape, Integra Lifesciences, Avanos Medical, Artivion, Tandem Diabetes Care, Beta Bionics, Castle Biosciences, SEEGENE and PROCEPT BioRobotics.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
MicroPort EP$69M$13M14.4x12.8x79.8x73.4x
SonoScape$344M$35M3.1x2.8x30.1x24.4x
Integra Lifesciences$1.6B($344M)1.8x1.8x(8.6x)8.9x
Avanos Medical$701M$87M1.8x1.8x14.3x14.3x
Artivion$441M$63M3.4x3.1x23.7x16.0x
Tandem Diabetes Care$1B($186M)1.5x1.4x(8.0x)58.2x
Beta Bionics$100M($81M)9.5x8.0x(11.7x)(14.1x)
Castle Biosciences$344M($429K)2.6x2.5x(2082.6x)44.9x

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Common questions about Silk Road Medical

When was Silk Road Medical founded?Silk Road Medical was founded in 2007.
Where is Silk Road Medical headquartered?Silk Road Medical is headquartered in San Francisco, CA, United States.
Is Silk Road Medical publicly listed?No, Silk Road Medical was acquired by Boston Scientific in June 2024.
Who acquired Silk Road Medical?Silk Road Medical was acquired by Boston Scientific in June 2024.
How much was Silk Road Medical acquired for?Silk Road Medical was acquired for $1.2B in June 2024, a 6.7x revenue multiple.
How much funding has Silk Road Medical raised?Silk Road Medical has raised $136M across 4 funding rounds.
What was Silk Road Medical's last funding round?Silk Road Medical's last funding round was a $47M Series C in July 2017, led by Norwest.
Who are Silk Road Medical's investors?Silk Road Medical's investors include The Vertical Group, Warburg Pincus, CRG, Norwest and Janus Capital Group.
Which companies are comparable to Silk Road Medical?Companies comparable to Silk Road Medical include Scivita Medical Technology, Carestream, SiBionics, SonoScape, Sinocare and Wandong Medical.

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