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
The United Arab Emirates (UAE) Ministry of Health and Prevention (MoHAP) has established a partnership with Novo Nordisk Pharma Gulf focusing on the creation of a national scientific guide for obesity management and weight control. The collaboration also aims to enhance public awareness of cardiovascular diseases and their complications.
Pharma giant Eli Lilly is teaming up with Haya Therapeutics in a $1bn deal to find multiple regulatory-genome-derived RNA-based drug targets, as it eyes up new targets in obesity. Under the deal, the companies will use Haya’s proprietary regulatory genome discovery platform to identify and validate long non-coding RNA (lncRNA) targets for developing potential treatments for obesity and related metabolic disorders.
The sale includes custom formulation and contract manufacturing capabilities for the nutrition market from the production facilities in New Jersey and Utah in the United States, and Tamaulipas, Mexico. Financial terms of the transaction were not disclosed.
