Cosman Medical’s team and products will be folded into Boston Scientific’s neuromodulation business, the company said.
“This acquisition is a natural extension of our current product portfolio and will help us provide physicians and patients more options to address chronic pain with non-opioid therapeutic treatments. The addition of the Cosman Medical product line, which is built on industry-leading technology and known for its high-quality, expands our capability to provide innovative solutions for the treatment of chronic pain,” Boston Scientific neuromodulation prez Maulik Nanavaty said in a press release.
Marlborough, Mass.-based Boston Scientific said it expects the net impact of the acquisition on adjusted earnings per share to break-even this year and be accretive moving forward.
“We are pleased to join the Boston Scientific team and help expand access to leading treatments for chronic pain. This acquisition comes at a time when our society is recognizing the impact of relying extensively on opioids to treat pain and is looking for additional approaches. Our mutual commitment to innovation and quality will help us deliver solutions,” Cosman Medical scientific director Eric Cosman Jr. said in prepared remarks.
Middle-market investment bank Covington Assoc. acted as advisor to Cosman in the deal.
“Boston Scientific’s global sales force and complementary product offerings will enable Cosman Medical’s industry-leading technology and solutions to reach a much broader range of customers not only in the United States but internationally as well – thereby making this a win/win transaction for both sides,” Covington managing director Ben Dunn said.
Earlier this month, Boston Scientific opened a new research & development facility in Gurgaon, India, which is its largest R&D shop outside the U.S.
Boston Scientific said in June that the next stage in the turnaround engineered by chairman & CEO Mike Mahoney will involve an unspecified number of layoffs, although its overall headcount will likely remain “relatively unchanged.” The reorganization aims to cut pre-tax expenses by $115 million to $150 million by the end of 2020.