MARLBOROUGH, Mass.,
Sept. 21, 2021 /PRNewswire/
-- Today, Boston Scientific Corporation (NYSE: BSX) announced
an agreement to acquire Devoro Medical, Inc., developer of
the WOLF Thrombectomy® Platform. The innovative non-console
and lytic-free WOLF technology targets and rapidly captures blood
clots using finger-like prongs that retrieve and remove thrombi in
the arterial and venous systems.
"The addition of the WOLF platform advances our efforts to
ensure physicians have the right tools to improve procedural
efficiencies," said Jeff Mirviss,
executive vice president and president, Peripheral Interventions,
Boston Scientific. "Clot management remains a core focus of our
business, and upon commercialization, this highly differentiated
technology will complement and expand our offerings to a full suite
of interventional strategies for thromboemboli, which also includes
the EkoSonic™ Endovascular System (EKOS) and the AngioJet™
Thrombectomy System."
Boston Scientific has been a strategic investor in Devoro
Medical since 2019 and currently holds an equity stake of
approximately 16 percent. As a result, the transaction consists of
an upfront payment of approximately $269
million for the 84 percent stake not yet owned and up to
$67 million upon achievement of
certain clinical and regulatory milestones.+
"The WOLF platform is a compelling new option for physicians
performing thrombectomy procedures and, importantly, it is designed
to target and remove clots without damaging blood vessels, while
also minimizing blood-loss, which may improve outcomes," said
Michael R. Jaff, D.O., chief medical
officer and vice president of clinical affairs, technology and
innovation, Peripheral Interventions, Boston Scientific. "We look
forward to accelerating the progress of this platform technology so
that we help patients who are dealing with these common, yet
challenging health conditions."
On an adjusted basis, the transaction is expected to be slightly
dilutive to earnings per share (EPS) in 2021, which Boston
Scientific expects to offset via internal cost efficiencies and
trade-offs. On a GAAP basis, the transaction will be less dilutive
due to a one-time gain to be recognized at closing associated with
our previously held equity interest in Devoro Medical. In 2022, the
transaction is not expected to impact adjusted EPS and will be
slightly dilutive on a GAAP basis due to amortization expense and
acquisition-related charges. The transaction is anticipated to
close in the fourth quarter of 2021, subject to customary closing
conditions.
+Preceding consideration of current equity
ownership, debt and other closing adjustments, the transaction
price consists of $320 million up
front, and up to $80 million upon
achievement of certain clinical and regulatory milestones.
About Boston Scientific
Boston Scientific
transforms lives through innovative medical solutions that improve
the health of patients around the world. As a global medical
technology leader for more than 40 years, we advance science for
life by providing a broad range of high performance solutions that
address unmet patient needs and reduce the cost of healthcare For
more information,
visit www.bostonscientific.com and connect
on Twitter and Facebook.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements may be identified by words like
"anticipate," "expect," "project," "believe," "plan," "estimate,"
"intend" and similar words. These forward-looking statements are
based on our beliefs, assumptions and estimates using information
available to us at the time and are not intended to be guarantees
of future events or performance. These forward-looking statements
include, among other things, statements regarding the financial and
business impact of the transaction, product launches and product
performance and impact. If our underlying assumptions turn out to
be incorrect, or if certain risks or uncertainties materialize,
actual results could vary materially from the expectations and
projections expressed or implied by our forward-looking statements.
These factors, in some cases, have affected and in the future
(together with other factors) could affect our ability to implement
our business strategy and may cause actual results to differ
materially from those contemplated by the statements expressed in
this press release. As a result, readers are cautioned not to place
undue reliance on any of our forward-looking statements.
Factors that may cause such differences include, among other
things: future economic, competitive, reimbursement and regulatory
conditions; new product introductions; demographic trends; the
closing and integration of acquisitions; intellectual property;
litigation; financial market conditions; and future business
decisions made by us and our competitors. All of these factors are
difficult or impossible to predict accurately and many of them are
beyond our control. For a further list and description of these and
other important risks and uncertainties that may affect our future
operations, see Part I, Item 1A – Risk Factors in
our most recent Annual Report on Form 10-K filed with the
Securities and Exchange Commission, which we may update in Part II,
Item 1A – Risk Factors in Quarterly Reports on
Form 10-Q we have filed or will file hereafter. We disclaim any
intention or obligation to publicly update or revise any
forward-looking statements to reflect any change in our
expectations or in events, conditions or circumstances on which
those expectations may be based, or that may affect the likelihood
that actual results will differ from those contained in the
forward-looking statements. This cautionary statement is applicable
to all forward-looking statements contained in this document.
CONTACTS:
Laura Aumann
Media Relations
(651) 582-4251
Laura.Aumann@bsci.com
Lauren Tengler
Investor Relations
(508) 683-4479
BSXInvestorRelations@bsci.com
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SOURCE Boston Scientific Corporation