Medical device firm Boston Scientific has entered into a definitive agreement to acquire medical technology company EndoChoice as part of its plan to expand its endoscopy gastroenterology portfolio.
Under the terms of agreement, Boston Scientific will float a tender offer for all outstanding EndoChoice shares worth $8 each, which brings the total equity value to approximately $210m.
The financial details of the acquisition have not been disclosed.
Subject to customary closing conditions, the transaction is expected to be completed at the end of this year, following which EndoChoice will be part of Boston Scientific's endoscopy business.
Boston Scientific endoscopy senior vice-president and president Art Butcher said: "The addition of EndoChoice products and services to our portfolio supports our strategy to provide comprehensive solutions to gastroenterology caregivers and the patients they serve.
"We expect the acquisition to expand our leadership into new categories in the endoscopy market, and to drive strong, continued growth of our endoscopy business."
EndoChoice specialises on platform technologies such as endoscopic imaging systems, devices and infection control products and pathology services for specialists indicated for a wide range of gastrointestinal conditions, including colon cancer.
The acquisition will see the addition of EndoChoice's imaging portfolio featuring the full spectrum endoscopy (FUSE) colonoscope.
The FUSE colonoscope provides doctors an improved view of the anatomy, enabling detection of more lesions.
EndoChoice founder and CEO Mark Gilreath said: "The combination of our broad portfolio of products and services for the gastroenterology physician, with the complementary products and large global infrastructure of the Boston Scientific endoscopy business, creates an enhanced growth platform for both businesses, and delivers immediate value for our shareholders."