Boston Scientific to acquire stake in Devoro Medical for $336m
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Boston Scientific to acquire stake in Devoro Medical for $336m

22 Sep 2021 (Last Updated September 22nd, 2021 15:15)

Boston Scientific currently owns an equity stake of approximately 16% in Devoro Medical.

Boston Scientific to acquire stake in Devoro Medical for $336m
The corporate headquarters of Boston Scientific in Marlborough, Massachusetts, US. Credit: Boston Scientific Corporation.

Boston Scientific has signed an agreement to acquire the remaining stake in Devoro Medical for a total consideration of approximately $336m.

Under the terms of the agreement, Boston Scientific will pay approximately $269m as an upfront payment for the remaining 84% stake in Devoro Medical, followed by up to $67m on achieving certain clinical and regulatory milestones.

Since 2019, Boston Scientific has been a strategic investor in Devoro Medical, the developer of the WOLF Thrombectomy Platform, and currently owns an equity stake of approximately 16% in the company.

The FDA-cleared WOLF Thrombectomy platform is a non-console and lytic-free technology which is designed to target and quickly capture blood clots.

It uses finger-like prongs to retrieve and remove thrombi in the arterial and venous systems.

The technology incorporates specific design features which efficiently address the varying clot morphology and vessel sizes of peripheral arteries and veins.

It uses mechanical conveyor technology combined with the Devortex Sleeve to ingest soft and organised clots without thrombolytics or blood loss.

Boston Scientific executive vice-president and peripheral interventions president Jeff Mirviss said: “The addition of the WOLF platform advances our efforts to ensure physicians have the right tools to improve procedural efficiencies.

“Clot management remains a core focus of our business, and upon commercialisation, this highly differentiated technology will complement and expand our offerings to a full suite of interventional strategies for thromboemboli, which also includes the EkoSonic Endovascular System (EKOS) and the AngioJet Thrombectomy System.”

The transaction, which is subject to customary closing conditions, is anticipated to conclude in the fourth quarter of the year.

Earlier this month, Boston Scientific acquired the international surgical business of Lumenis from an affiliate of Baring Private Equity Asia (BPEA) following an upfront payment of $1.07bn.