Boston Scientific (NYSE:BSX) said today it closed its acquisition of manufacturing assets from Neovasc‘s (NSDQ:NVCN) advanced biological tissue business, as well as picking up a 15% equity investment in the company, spending a total of $75 million on both.
With the completed acquisition, Marlborough, Mass.-based Boston Scientific said it will integrate certain manufacturing assets and biologic tissue capabilities into its structural heart business, for use in manufacturing its Lotus valve and future heart valve technologies.
Boston Scientific said it now owns, controls and directs 11.8 million shares in Neovasc, representing a 15% stake in the company. The company said it picked up the shares at a price of approximately 60¢ per share, for a total investment of $7.1 million, according to a press release.
The company said it acquired the stake in Neovasc for investment purposes. Boston Scientific announced the deal early this month.
Late in October a federal judge in Massachusetts added $21 million to the $70 million Neovasc owes to CardiAQ in their spat over transcatheter mitral valve replacement technology. The jury in May found that Neovasc misappropriated trade secrets in developing the Tiara TMVR. Edwards inherited the lawsuit when it acquired CardiAQ Valve for $400 million in August 2014.
Last month Neovasc dodged an investor lawsuit brought after its share price plunged in the wake of the court rulings.