MARLBOROUGH, Mass., June 15,
2022 /PRNewswire/ -- Boston Scientific Corporation
(NYSE: BSX) today announced that it has entered into a definitive
agreement with Synergy Innovation Co., Ltd, to purchase its
majority stake (approximately 64 percent) of M.I.Tech Co., Ltd,
("M.I.Tech") a publicly traded Korean manufacturer and distributor
of medical devices for endoscopic and urologic procedures. M.I.Tech
is the creator of the HANAROSTENT™ technology, a family
of conformable, non-vascular, self-expanding metal stents, which
have been distributed by Boston Scientific in Japan since 2015. The agreement consists of a
purchase price of KRW 14,500 per
share, which represents a total of KRW 291.2
billion or approximately $230
million at current exchange rates, subject to closing
adjustments.
Non-vascular gastrointestinal and airway stents are used to help
clear occlusions or strictures in various areas of a patient's
anatomy, including the biliary tree, pancreatic duct, esophagus,
colon and duodenum. In many cases, stent placement is minimally
invasive and may aid faster patient recovery compared to
surgery.1,2 The HANAROSTENT technology
features a unique hook-cross nitinol design intended to provide a
natural and flexible fit within a patient's anatomy, as well as
flared ends to help prevent stent migration.
"M.I.Tech is an innovator in non-vascular stent development,
with product offerings that complement our existing stent
portfolio, including the differentiated AXIOS™ Stent and
Electrocautery Enhanced Delivery System and the flexible and
conformable Agile™ Esophageal Stent System," said Art Butcher, executive vice president and group
president, MedSurg and Asia
Pacific, Boston Scientific. "We are committed to investing
in technologies that advance care for patients around the world and
are eager to work more closely with M.I.Tech to expand their
international footprint."
The company expects to complete the transaction in the second
half of 2022, subject to customary closing conditions. The impact
to GAAP and adjusted earnings per share is expected to be
immaterial in 2022.
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
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closing and integration of acquisitions; intellectual property;
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decisions made by us and our competitors. All of these factors are
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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
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CONTACTS:
Kirsten Lesak-Greenberg
Media Relations
(763) 300-9254
Kirsten.Lesak-Greenberg@bsci.com
Lauren Tengler
Investor Relations
(508) 683-4479
BSXInvestorRelations@bsci.com
1 Zhou, W. Z., & Yang, Z. Q. (2014).
Stenting for malignant gastric outlet obstruction: Current status.
Gastrointestinal Intervention, 3(2), 65–68.
https://doi.org/10.1016/j.gii.2014.09.009
2 Kang S. G. (2010). Gastrointestinal stent
update. Gut and liver, 4 Suppl 1(Suppl 1),
S19–S24. https://doi.org/10.5009/gnl.2010.4.S1.S19
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SOURCE Boston Scientific Corporation