- Boston Scientific Corporation 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.
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