Boston Scientific buys Swiss medical device maker Symetis, as heart valve replacements lure buyers
Medical device company Boston Scientific (NYSE: BSX) has agreed to purchase Symetis, a Swiss developer of devices used to perform heart surgery through blood vessels, for $435 million in up-front cash. This deal marks as Boston Scientific’s second acquisition in four months.
Symetis develops minimally invasive heart valve replacement devices out of its headquarters in Ecublens, Switzerland. The target’s product portfolio consists of Acurate TA and Acurate neo TF for use in the treatment of high-risk patients suffering from severe and symptomatic aortic valve stenosis. Symetis’ products are sold in Europe and in other regions outside of the United States.
Boston Scientific is also a developer of medical devices from its headquarters in Marlborough, Massachusetts. The buyer will gain nearly 300 employees from its purchase of Symetis. The deal, expected to close in the second quarter of 2017, follows Boston Scientific’s December 2016 acquisition of manufacturing assets from Neovasc Inc. (Nasdaq: NVCN). These deals, according to Boston Scientific, “demonstrate the company's continued investment in structural heart through intellectual property, research and development, and manufacturing capabilities.”
The largely unmet needs of heart patients are currently driving medical device M&A. Recent medical device deals include: Edwards Lifesciences Corp.’s (NYSE: EW) acquisition of Valtech Cardio Ltd. for nearly $690 million to expand its heart valve repair and replacement services; Medtronic plc’s (NYSE: MDT) purchase of HeartWare International Inc. for about $1.1 billion; and Teleflex Inc. (NYSE: TFX) adding Vascular Solutions Inc. (Nasdaq: VASC) for approximately $1 billion.