Blog Coverage: Boston Scientific Completes Symetis Acquisition; Views TAVI Portfolio Expansion through the Agreement
Upcoming AWS Coverage on Hologic Post-Earnings Results
LONDON, UK / ACCESSWIRE / May 17, 2017 / Active Wall St. blog coverage looks at the headline from Boston Scientific Corp. (NYSE: BSX) as the Company announced on May 16, 2017, that it has closed the acquisition of Symetis SA, a privately-held Swiss structural heart Company, specializing in the development of minimally-invasive transcatheter aortic valve implantation (TAVI) devices. This announcement was made following the acquisition agreement on March 30, 2017, to acquire Symetis for about $435 million in cash. Register with us now for your free membership and blog access at:
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One of Boston Scientific's competitors within the Medical Appliances & Equipment space, Hologic, Inc. (NASDAQ: HOLX), reported on May 10, 2017, its financial results for the fiscal second quarter ended April 01, 2017. AWS will be initiating a research report on Hologic in the coming days.
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Breaking down the Agreement
With the completion of the acquisition agreement, Boston Scientific will hold control of Symetis operations across Europe and other geographies outside the United States. The Company will immediately start selling ACURATE TA™ and ACURATE neo™/TF™ valve in the respective markets and Symetis will become a subsidiary of the Boston Scientific Interventional Cardiology Division.
Boston Scientific has an impressive portfolio of structural heart products, where the Symetis acquisition generates additional benefits through the complementary TAVI platforms which enable implanting physicians and hospitals to treat the widest range of patients and aortic valve anatomies. The Company views this agreement as a step to achieve continued growth while utilizing Symetis' portfolio, including valve offering and left atrial appendage closure device.
The Company additionally announced positive results from the REPRISE III clinical trial, presented at the annual EuroPCR Scientific Program, in Paris, on May 16, 2017. Accordingly, data from the study demonstrated that the LOTUS Valve System, a TAVI system, showed superiority over the CoreValve TAVI System platform.
Boston Scientific Portfolio
Boston Scientific is primarily known for the development of Taxus Stent, a drug-eluting stent, used to open clogged arteries. The Company's cornerstone LOTUS Valve System platform finds the ACURATE valve portfolio accretive to it which is designed to treat patients suffering from severe symptomatic and aortic valve stenosis, considered high-risk segments for surgical valve replacement.
The ACURATE platform is known for its ease of use during valve implantation where the replacement valve is delivered via a transcatheter percutaneous delivery system. This agreement to acquire Symetis follows the recent acquisition of Neovasc, Inc., manufacturing assets, and represents the Company's continued investment in the structural heart through intellectual property, research and development, and manufacturing capabilities.
Boston Scientific Growth Prospects
Boston Scientific plans to establish itself as the leader in TAVI and structural heart technologies under a long-term strategy. The Company is expanding its portfolio and product pipeline to address the needs of the global healthcare providers and their patients. Symetis, based in Ecublens, Switzerland, operates with about 300 employees worldwide. Symetis views this transaction as a step to further drive innovation and bank on Boston Scientific's legacy and strong leadership in interventional cardiology.
The Company acquired EndoChoice Holdings, Inc., on September 27, 2016, in an attempt to diversify its portfolio in the endoscopy segment. The Company additionally acquired American Medical Systems, a provider of devices to treat enlarged oriostrate, urinary incontinence, and erectile dysfunction, on August 04, 2016, for about $1.6 billion, plus potential $50 million milestone payments. Boston Scientific recently reported its Q1 FY17 results on April 27, 2017, where it reported net sales of $2.16 billion for the quarter ending on March 31, 2017. Additionally, the cardiovascular segment of the Company reported a growth of 8% from $790 million for Q1 FY16 to $851 million for Q1 FY17.
Stock Performance
Boston Scientific's share price finished yesterday's trading session at $26.48, slightly up 0.23%. A total volume of 10.52 million shares exchanged hands, which was higher than the 3 months average volume of 7.42 million shares. The stock has surged 5.16% and 23.16% in the last three months and past six months, respectively. Furthermore, since the start of the year, shares of the Company have surged 22.42%. The stock is trading at a PE ratio of 84.60 and currently has a market cap of $36.46 billion.
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