Boston Scientific Buys Substantial Stake In Korean MedTech Player
Boston Scientific Corporation (NYSE: BSX) has agreed to purchase Synergy Innovation Co Ltd's majority stake (~64%) of M.I.Tech Co Ltd, a publicly-traded Korean manufacturer, and distributor of medical devices for endoscopic and urologic procedures.
The deal is valued at KRW 14,500 per share, representing KRW 291.2 billion or approximately $230 million.
M.I.Tech offers HANAROSTENT technology, a family of conformable, non-vascular, self-expanding metal stents, which Boston Scientific in Japan has distributed since 2015.
Non-vascular gastrointestinal and airway stents help clear occlusions or strictures in various areas of a patient's anatomy, including the biliary tree, pancreatic duct, esophagus, colon, and duodenum.
In many cases, stent placement is minimally invasive and may aid patient recovery faster than surgery.
The HANAROSTENT technology features a unique hook-cross nitinol design intended to provide a natural and flexible fit within a patient's anatomy and flared ends to help prevent stent migration.
The company expects to complete the transaction in 2H of 2022. The impact on GAAP and adjusted EPS is expected to be immaterial in 2022.
Price Action: BSX shares are up 3.19% at $36.36 during the market session on the last check Wednesday.
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
