Boston Scientific (NYSE:BSX) said today that it closed its $435 million buyout of Symetis and its line of minimally invasive replacement heart valves.
The buyout, announced in March, halted the 2nd run at an initial public offering by Symetis, which launched the IPO March 20 in a bid to raise up to $66 million (€61.5 million) on the Euronext exchange in Paris. The Ecublens, Switzerland-based company, which acquired Middle Peak Medical and its transcatheter mitral valve implant just last month, spiked its 1st $96 million IPO attempt in September 2015. Symetis employs about 300 workers worldwide. Boston Scientific executives have said the company isn’t interested in the Middle Peak assets, which are slated for a spin-out ahead of the deal’s closing.
Marlborough, Mass.-based Boston Scientific said it plans to immediately begin selling the Acurate TA and Acurate Neo/TF valves in Europe and other overseas jurisdictions.
“Adding the Acurate family of valve products to our structural heart portfolio presents us with the opportunity to provide two distinctly different but complementary TAVI platforms enabling implanting physicians and hospitals to treat the broadest range of patients and aortic valve anatomies,” global CMO Dr. Ian Meredith said in prepared remarks. “This valve offering, along with our left atrial appendage closure device, uniquely position us to advance structural heart solutions for patients while fueling continued growth for the company.”
Boston Scientific said it plans to continue the development of the next-generation Acurate Neo/AS valve, which is in a clinical trial ahead of a bid for CE Mark approval in the European Union. Symetis won CE Mark approval for the Acurate Neo device in 2014
When the deal was announced in March, Bostonsaid the Acurate implant would complement its own Lotus TAVI program, which is under a voluntary recall while Boston addresses issues with its locking mechanism.
Boston Scientific said it expects the deal, slated to close during the 2nd quarter, to be “immaterial” to adjusted earnings per share this year but “slightly accretive” in 2018 and “increasingly accretive” after that.
Boston closed a $75 million deal with Neovasc (NSDQ:NVCN) in December, acquiring that company’s advanced biological tissue business and a 15% equity stake. The company also owns a piece of another mitral valve developer, MValve.
