Boston Scientific buying majority $230M stake in Korean manufacturer
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Boston Scientific's Marlborough headquarters
Boston Scientific is purchasing a majority stake in a South Korean manufacturer and distributor of medical devices.
The Marlborough-based company announced in a Wednesday press release it has 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. The sale price is 14,500 South Korean won per share, or 291.2 billion South Korean won, which translates to about $230 million at current exchange rates, according to Boston Scientific.
M.I. Tech, which focuses on medical devices for endoscopic and urologic procedures, created the HANAROSTENT technology, which is a family of conformable, non-vascular, self-expanding metal stents, which Boston Scientific has distributed in Japan since 2015.
The transaction is expected to close in the second half of 2022. The impact to generally accepted accounting principles and adjusted earnings per share is expected to be immaterial in 2022, according to Boston Scientific.
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