Boston Scientific has completed the acquisition of certain manufacturing assets and capabilities of Neovasc’s biological tissue business for around $75m.
Under the deal, Boston Scientific also acquired a 15% equity stake in Neovasc.
The acquired business will be incorporated in Boston Scientific’s structural heart business to manufacture Lotus valve system and future heart valve technologies.
Neovasc’s biological tissue business develops elements for transcatheter heart valves, including Boston Scientific’s Lotus valve system.
Neovasc intends to use the proceeds from the transactions for general corporate purposes.
At the time of acquisition, Neovasc CEO Alexei Marko said: "Boston Scientific has been a long-term customer of Neovasc, having historically represented a sizeable percentage of our tissue processing revenues.”
Based in British Colombia of Canada, Neovasc develops and produces products for the cardiovascular market.
It is involved in the development of Tiara technology for the transcatheter treatment of mitral valve disease and Neovasc Reducer technology to treat refractory angina.
In November, Boston Scientific acquired US medical technology firm EndoChoice Holdings for about $210m.
Based near Atlanta of Georgia, EndoChoice develops and commercializes infection control products, pathology services and single-use devices for specialists to treat a range of gastrointestinal (GI) conditions.
With around 2,500 customers in the US, the company produces single-use devices such as resection and retrieval devices, needles, graspers and infection control kits.