Boston Scientific announces plan to acquire majority stake in Chinese medical company
Photo | Courtesy Boston Scientific
Boston Scientific headquarters, Marlborough
Marlborough-based Boston Scientific Corp. announced on Sunday that it made a partial offer to buy a majority stake in Chinese medical technology company Acotec Scientific Holdings Limited, an interventional medical device company. Boston Scientific will reportedly pay roughly $523 million for 65% stake in the company.
The deal for the purchase is anticipated to occur in the first half of 2023, but is subject to acceptance and approval by Acotec shareholders and other conditions set forth in related filings.
Acotec makes drug-coated balloons as well as radiofrequency ablation technologies, which treats cancer in a minimally invasive procedure using electrical energy and heat to destroy cancer cells, and thrombus aspiration catheters, as well as more than 20 other products in various stages of development.
The announced agreement comes at the end of a busy year for Boston Scientific. In the last year the company has made four acquisitions and closed one. The company acquired Apollo Endosurgery Inc., a Texas surgical device company, for $615M in November. It acquired Obsidio, Inc., a South Carolina-based medical materials developer August. In June it entered into a definitive agreement with Synergy Innovation Co. Ltd to purchase approximately 64% of M.I. Tech Co., Ltd, a publicly-traded Korean company. In February it bought Baylis Medical Co. Inc of Montreal.
Over the past two years, Boston Scientific announced nine acquisitions.
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