Medical-devices company Boston Scientific Corp. on Tuesday said it agreed to buy EndoChoice Holdings Inc. for roughly $210 million, expanding its endoscopy business as sales of some products have slowed.
Boston Scientific said it would pay $8 a share in cash for EndoChoice, a 90% premium to its closing price of $4.22 a share on Monday.
Boston Scientific, based in Marlborough, Mass., has diversified its product offerings in recent years to help pad softening sales in some bread-and-butter areas, such as pacemakers and implanted defibrillators. In July, the company raised its earnings outlook amid better-than-expected revenue. In its endoscopy business, which EndoChoice will become part of, sales rose 11% in the June quarter to $361 million.
Georgia-based EndoChoice, which posted sales of $75 million in the 12 months ended June 30, makes endoscopic imaging systems, devices and infection-control products.
Boston Scientific said it expects to complete the acquisition in the fourth quarter, and that the deal will be neutral to its adjusted per-share earnings in 2017 and add to profits thereafter.
By Joshua Jamerson
Source: Wall Street Journal
CureVac and the University of Texas’s MD Anderson Cancer Center have announced a co-development and licensing agreement to develop novel messenger ribonucleic acid (mRNA)-based cancer vaccines. The strategic collaboration will focus on the development of differentiated cancer vaccine candidates in selected haematological and solid tumour indications with high unmet medical needs.
FUJIFILM Corporation is planning to invest $1.2 billion to expand the planned FUJIFILM Diosynth Biotechnologies manufacturing facility in Holly Springs, North Carolina, US. This news follows the organisation’s announcement of a $2 billion investment in the facility in March 2021. This additional financial boost totals the investment to over $3.2 billion, FUJIFILM confirmed.
Sanofi’s global restructuring and downsizing is now fully underway, with layoffs stretching to the company’s Belgian offices. Belgian newspaper De Tijd reports that 67 employees have been laid off at a site in Ghent and 32 jobs are on the chopping block at Sanofi’s Belgium HQ in Diegem.
