Sector News

Boston Scientific closes on its purchase of EndoChoice

November 23, 2016
Life sciences

Medical device maker Boston Scientific Corp., which has major business operations in Minnesota, closed on its previously announced acquisition of Georgia-based EndoChoice for about $210 million in cash.

EndoChoice’s products in infection control, pathology services and single-use medical devices will be folded into Boston Scientific’s offerings for gastrointestinal doctors who work in group practices, hospitals and stand-alone surgery centers.

Regarding one of EndoChoice’s key products — the Full Spectrum Endoscopy (FUSE) colonoscope — Boston Scientific said it is evaluating “strategic options” for the device and will announce its plans for it by the end of the year.

The scope offers the GI doctor panoramic, 330-degree views inside the anatomy. In one study, FUSE detected 69 percent more tumors than traditional forward-looking scopes.

“Boston Scientific is a leader in the field of endoscopy and we are committed to providing innovative products and services to meet the changing and growing needs within the field,” said Boston Scientific Senior Vice President Art Butcher in a news release about the EndoChoice deal Tuesday.

The offer to acquire EndoChoice for $8 per share was first announced on Sept. 27.

For the year ended Sept. 30, EndoChoice had $75 million in total sales. Boston Scientific expects the deal to be neutral to adjusted earnings this year, and to be profitable thereafter.

By Joe Carlson

Source: Star Tribune

comments closed

Related News

January 22, 2023

Sun Pharma to buy Concert Pharmaceuticals for $576m

Life sciences

Sun Pharmaceutical Industries has signed a definitive agreement to buy all outstanding shares of Concert Pharmaceuticals in a deal valued at $576m. Under the deal, the company will buy all shares of Concert common stock through a tender offer for $8.00 per share in cash upfront payment.

January 22, 2023

Novo Nordisk diabetes pill wins FDA approval for first-line use

Life sciences

The Food and Drug Administration on Thursday approved Novo Nordisk’s diabetes pill Rybelsus as an initial treatment to lower blood sugar levels, a label expansion that will allow it to compete more directly with other oral drugs from Merck & Co. and Eli Lilly.

January 22, 2023

Bayer feeling more heat from activist investors, this time from Bluebell

Life sciences

Since making an ill-advised $63 billion buy of Monsanto in 2018, Bayer has faced heaps of pressure from investors that have called for the company to oust its leadership and to restructure. Now comes new pressure from a familiar source. Bluebell Capital Partners has bought an undisclosed stake in the company and is agitating for a breakup, sources told Reuters.

How can we help you?

We're easy to reach