Boston Scientific
(NYSE: BSX)
announced today that it completed its $1.18 billion acquisition of Silk Road Medical
(Nasdaq:SILK)
.
The acquisition includes a purchase price of $27.50 per share for a full enterprise value of approximately $1.18 billion. Boston Scientific expects an immaterial impact from the acquisition on its adjusted EPS in 2024 and 2025. It expects an accretive impact thereafter. For its GAAP EPS, the company expects a less accretive or dilutive impact due to amortization expenses and acquisition-related net charges.
Sunnyvale, California-based Silk Road Medical develops products designed to prevent stroke in patients with carotid artery disease. The technology is used in a minimally invasive procedure called transcarotid artery revascularization (TCAR).
“Completing this acquisition enables Boston Scientific to strengthen our vascular technology solutions by bringing the innovative TCAR platform to a greater number of physicians and their patients through our significant commercial reach,” said Cat Jennings, president, Vascular, Peripheral Interventions. “The integration of the TCAR platform into our portfolio means we can offer a treatment option for patients suffering from carotid artery disease that can reduce the risk of stroke and lead to improved patient outcomes.”
The timeline of Boston Scientific’s acquisition of Silk Road Medical
In June, Boston Scientific announced that it agreed to acquire Silk Road Medical in a deal worth approximately $1.16 billion.
Last month, though, Boston Scientific voluntarily withdrew its premerger notification and report form. This aimed to give the U.S. Federal Trade Commission (FTC) more time to review the proposed acquisition. Meanwhile, Boston Scientific also faced FTC scrutiny over its proposed acquisition of Axonics, which remains ongoing.
On Sept. 12, the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (HSR Act) of 1976. This antitrust measure’s expiration enabled the companies to move forward with the acquisition, as they completed it within five days.
