The US-based biomedical engineering company will make an offer to purchase a maximum of up to 65% shares of Acotec, at a price of HKD20 per share, which indicates a total consideration of around $523m
Boston Scientific’s ACURATE neo2 Aortic Valve System. (Credit: PRNewswire/Boston Scientific Corporation)
US-based Boston Scientific is set to acquire a majority stake in Chinese interventional medical technology company Acotec Scientific for a total consideration of around $523m.
The US-based biomedical engineering company will make an offer to purchase a maximum of up to 65% interest of Acotec, at a price of HKD20 per share.
Acotec provides medical solutions for a variety of interventional treatments of vascular diseases, including drug-coated balloons (DCBs).
In 2016, the company rolled out the first peripheral DCB in China after receiving approval from the National Medical Products Administration.
Its portfolio also includes radiofrequency ablation technologies and thrombus aspiration catheters, along with more than 20 other products in various stages of development.
The transaction is expected to be completed in the first half of 2023, subject to approval by Acotec shareholders and certain other closing conditions.
Boston Scientific Asia Pacific executive vice president Art Butcher said: “Acotec is a profitable, fast-growing company with a strong portfolio and innovative pipeline of medical technologies, and we believe this investment will generate growth opportunities for both companies.
“We expect completion of the partial offer to further strengthen our presence in China and create the potential for commercialisation of Acotec products globally, providing an increased number of physicians and patients access to our robust and complementary product portfolios.”
Last month, Boston Scientific signed a definitive agreement to acquire Apollo Endosurgery at a price of $10 per share, for a total consideration of $615m, including debt.
Apollo Endosurgery is a medical technology company engaged in developing minimally-invasive endoscopy devices to treat gastrointestinal conditions.
The acquisition is expected to help Boston Scientific expand its endoluminal surgery portfolio and add differentiated technologies for endobariatric procedures.
The transaction is expected to be completed in the first half of the next year, subject to certain customary closing conditions.