Boston Scientific has signed a definitive agreement to acquire the remaining 72% of IoGyn, a US-based pre-commercial stage company, for approximately $65m.
Boston Scientific has agreed to make net cash payment of approximately $65m at closing of the transaction and repay outstanding debt for acquiring the remaining 72% of IoGyn. The company is expected to complete the acquisition within days.
Prior to the acquisition, Boston Scientific held approximately 28% equity ownership in IoGyn in addition to notes receivable of approximately $8m.
According to Boston Scientific, acquisition of IoGyn enables the pairing of its Symphion system with Boston Scientific’s Genesys HTA system for abnormal uterine bleeding, to create a compelling set of gynecologic surgery products.
IoGyn has designed the Symphion system for endoscopically-controlled radiofrequency bipolar resection and removal of intrauterine tissue, such as polyps and myomas, requiring endoscopic visualization under continuous flow conditions.
Hysteroscopic approach of the Symphion system resects the growth within the uterus and removes the tissue through its recirculating and filtering fluid management system. The Symphion system has already obtained approval from the US Food and Drug Administration.
Boston Scientific claims that the Symphion system broadens its portfolio of minimally-invasive approaches for surgeons to treat debilitating gynecologic conditions that affect millions of women worldwide.
Boston Scientific Urology and Women’s Health president and senior vice president Karen Prange noted that IoGyn offers minimally-invasive approaches that the company believes are more cost-effective for patients, surgeons and the health care system.
"This new technology platform is designed to address unmet patient and physician needs, and we believe it represents a truly differentiated improvement compared to existing technologies in the fast-growing hysteroscopic fibroid removal market segment.
"Among its features, the Symphion System includes a closed-loop fluid management system designed to prevent potentially dangerous fluid overload in the patient, and a radio frequency approach that facilitates rapid tissue removal," Prange added.
Image: Boston Scientific’s Corporate Headquarters in Natick, Massachusetts. Photo: Courtesy of Boston Scientific Corporation