Boston Scientific Corporation has announced a definitive agreement to acquire certain manufacturing assets and capabilities of the Neovasc, Inc., advanced biological tissue business, as well as a 15% equity stake in Neovasc, for a total of $75 million in cash.
The Neovasc advanced biological tissue business makes elements used in transcatheter heart valves, including the Boston Scientific Lotus™ Valve System.* Upon completion of the transaction, the Neovasc advanced biological tissue capabilities will be integrated into the Boston Scientific structural heart business for use in the manufacturing of the Lotus valve and future heart valve technologies.
“We continually seek ways to optimize our manufacturing processes and enhance our product portfolio,” said Ed Mackey, executive vice president, operations, Boston Scientific. “The vertically integrated operational capabilities resulting from this acquisition will strengthen our structural heart pipeline and immediately benefit our Lotus valve platform as we work to increase our market share in Europe and prepare for launch in the U.S., expected in late 2017.”
The acquisition is expected to close by year-end 2016, subject to customary closing conditions, and to be immaterial to Boston Scientific earnings per share (EPS) in 2016 and 2017 on an adjusted and GAAP basis.
Neovasc is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace, including the Tiara™ technology** in development for the transcatheter treatment of mitral valve disease, and the Neovasc Reducer™ technology*** for the treatment of refractory angina.
Source: Boston Scientific
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