Boston Scientific has announced that it will make a partial offer to buy a majority stake of up to 65% in Chinese medical technology firm Acotec Scientific for a total cash consideration of around $523m.
Acotec Scientific develops medical devices, including drug-coated balloons (DCB) and percutaneous transluminal angioplasty balloon catheters (PTA), which are mainly used to treat vascular interventions.
The company has a complete DCB product portfolio with five therapeutic area targets, including neurology, cardiology, nephrology, andrology and vascular surgery.
Following the receipt of National Medical Products Administration approval, Acotec Scientific introduced the first peripheral DCB in China in 2016.
Additionally, the company’s portfolio includes thrombus aspiration catheters and radiofrequency ablation technologies, along with more than 20 other products across different specialties currently in various development stages.
Boston Scientific MedSurg and Asia Pacific group president and executive vice-president Art Butcher 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.
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“We expect completion of the partial offer to further strengthen our presence in China and create the potential for commercialisation of Acotec products globally, providing an increased number of physicians and patients access to our robust and complementary product portfolios.”
This year, Acotec Scientific reported sales of nearly $53m (CNY339m) in the 12-month period that ended on 30 June.
This represented year-over-year growth of 25% in the first six months of the year.
The transaction, which is subject to acceptance and approval by shareholders of Acotec Scientific as well as other conditions, is expected to be completed in the first half of next year.
In November, Boston Scientific signed a definitive agreement to acquire medical device company Apollo Endosurgery for nearly $615m.