Boston Scientific has signed a definitive agreement with Synergy Innovation to acquire its majority stake of nearly 64% in M.I.Tech in a $230m (KRW291.2bn) deal.

Under the terms of the deal, the company will acquire the stake at a purchase price of $11.24 (KRW14,500) per share, subject to closing adjustments.

Korean company M.I.Tech manufactures and distributes medical devices for endoscopic and urologic procedures.

The company developed a family of conformable, self-expanding metal stents, called HANAROSTENT, to improve patients’ quality of life.

Since 2015, Boston Scientific has been distributing these non-vascular metal stents in Japan.

The company stated that the non-vascular gastrointestinal and airway stents are used to clear occlusions or strictures in several areas of patient anatomy, including the oesophagus, biliary tree, colon, pancreatic duct and duodenum.

According to Boston Scientific, stent placement is minimally invasive and may help patients recover quicker than in cases of surgery.

With a unique hook-cross nitinol design, the HANAROSTENT technology has been developed to provide a natural and flexible fit in a patient’s anatomy.

The device also includes flared ends, which help to prevent stent migration.

Boston Scientific Asia Pacific and MedSurg group president and executive vice-president Art Butcher said: “M.I.Tech is an innovator in non-vascular stent development, with product offerings that complement our existing stent portfolio, including the differentiated AXIOS Stent and Electrocautery Enhanced Delivery System and the flexible and conformable Agile Esophageal Stent System.

“We are committed to investing in technologies that advance care for patients around the world and are eager to work more closely with M.I.Tech to expand their international footprint.”

The transaction is subject to certain customary closing conditions and is expected to be concluded in the second half of the year.