Boston Scientific (NYSE:BSX) said today that it closed its $210 million buyout of EndoChoice (NYSE:GI) and its line of devices for treating gastrointestinal disease.
The $8-per-share tender offer was originally slated to expire at midnight Nov. 4. Marlborough, Mass.-based Boston Scientific later moved the deadline out to Nov. 21. they September. Alpharetta, Ga.-based EndoChoice took itself public in June 2015 with an IPO that brought in some $96 million.
“We are excited to provide physicians more comprehensive solutions to help assess, diagnose and treat patients with GI conditions,” endoscopy president Art Butcher said in prepared remarks. “Boston Scientific is a leader in the field of endoscopy and we are committed to providing innovative products and services to meet the changing and growing needs within the field.”
Boston Scientific has said that it expects the deal to be neutral to adjusted earnings per share next year and accretive after that. Alpharetta, Ga.-based EndoChoice put up sales of $75 million during the 12 months ended June 30.
The company said it will announce its strategic plans by the end of the year for EndoChoice’s Fuse full-spectrum endoscope, which features 3 small cameras designed to provide a 330° view; EndoChoice claims that’s nearly double the range of typical colonoscopy devices. Fuse won FDA 510(k) clearance in the U.S. in June 2013. EndoChoice also makes the Fuse gastroscope, which has 2 cameras designed to expand the field of view from 150° with standard gastroscopes to 245°.
