US-based Boston Scientific has signed a definitive agreement with Synergy Innovation to purchase the latter’s majority stake in M.I.Tech for around $230m.

M.I.Tech is a publicly-traded company in South Korea, engaged in the manufacturing and distribution of medical devices for endoscopic and urologic procedures.

Under the terms of the agreement, Boston Scientific will purchase around 64% stake in M.I.Tech, at a purchase price of KRW14,500 ($11.26) per share, which represents a total of KRW 291.2bn ($230m), subject to closing adjustments.

M.I.Tech has developed the HANAROSTENT family of conformable, non-vascular, self-expanding metal stents, which have been distributed by Boston Scientific in Japan since 2015.

According to the US-based firm, non-vascular gastrointestinal and airway stents are used to clear occlusions in the biliary tree, pancreatic duct, oesophagus, colon and duodenum.

In most cases, stent placement is minimally invasive and enables rapid recovery of the patients, compared to surgery.

The HANAROSTENT technology features a unique hook-cross nitinol design intended to provide a natural and flexible fit within a patient’s anatomy.

Also, the device comes with flared ends that help prevent stent migration.

The transaction is expected to close in the second half of 2022, subject to certain customary closing conditions.

The transaction may not impact its GAAP and adjusted earnings per share for 2022, said Boston Scientific.

Boston Scientific Asia Pacific and MedSurg executive vice president and group president Art Butcher said: “M.I.Tech is an innovator in non-vascular stent development, with product offerings that complement our existing stent portfolio, including the differentiated AXIOS Stent and Electrocautery Enhanced Delivery System and the flexible and conformable Agile Esophageal Stent System.

“We are committed to investing in technologies that advance care for patients around the world and are eager to work more closely with M.I.Tech to expand their international footprint.”

Boston Scientific is a provider of high-performance solutions that address unmet patient requirements and minimise the cost of healthcare.