Boston Scientific to take majority stake in Acotec Scientific for $523m
Boston Scientific, a US medical device maker, has offered to acquire a stake of up to 65% in Chinese medical technology company Acotec Scientific for a sum of around $523 million.
Acotec Scientific offers solutions for vascular interventional and other diseases treatment, including drug-coated balloons and percutaneous transluminal angioplasty balloon catheter.
With over 20 other products in various development phases, the portfolio of Acotec Scientific also consists of thrombus aspiration catheters and radiofrequency ablation technologies.
Art Butcher — Boston Scientific MedSurg and Asia Pacific executive vice president and group president said: “Acotec is a profitable, fast-growing company with a strong portfolio and innovative pipeline of medical technologies, and we believe this investment will generate growth opportunities for both companies.
“We expect completion of the partial offer to further strengthen our presence in China and create the potential for commercialization of Acotec products globally, providing an increased number of physicians and patients access to our robust and complementary product portfolios.”
Boston Scientific to acquire majority stake in Chinese medical technology company Acotec Scientific for $523m. Photo courtesy of Boston Scientific Corporation.
Based on the financial metrics, as of 30 June 2022, Acotec Scientific reported sales of ¥339 million (around $53 million).
Jing Li — Acotec Scientific CEO said: “This strategic cooperation with Boston Scientific demonstrates the continued improvement of China domestic brand power in the field of vascular intervention.
“We will further integrate domestic and oversea sales and R&D resources, so that we could serve more doctors and patients and solve more unsolved clinical needs.”
Subject to Acotec Scientific’s shareholders’ acceptance and approval, and other regulatory closing conditions, the transaction is expected to close in the first half of 2023.
With approval from the National Medical Products Administration, Acotec Scientific launched the first peripheral drug-coated balloon in 2016 in China.
Recently, Boston Scientific signed a deal to acquire Apollo Endosurgery in an all-cash transaction with an enterprise value of around $615 million.