Boston Scientific agrees to acquire Symetis

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Boston Scientific Corporation have definitively agreed to acquire Symetis, a privately-held Swiss structural heart company focused on minimally-invasive transcatheter aortic valve implantation devices, for US$435 million in up-front cash.

The Symetis portfolio includes the Acurate TA and Acurate neo/TF valve systems for use in the treatment of high-risk patients suffering from severe and symptomatic aortic valve stenosis, which are sold in Europe and in other geographies outside of the United States. Symetis is also developing the Acurate neo/AS next generation valve system, currently in a clinical trial intended to serve as the basis for a future CE mark application.

This agreement to acquire Symetis follows the recent acquisition by Boston Scientific of certain Neovasc manufacturing assets.

Symetis is based in Ecublens, Switzerland, with approximately 300 employees worldwide.

The acquisition is projected to close during the second quarter of 2017, subject to customary closing conditions.

On an adjusted basis, the transaction is expected to be immaterial in 2017, slightly accretive in 2018, and increasingly accretive thereafter. The transaction is expected to be less accretive (or dilutive, as the case may be) on a GAAP basis, due to amortisation expense and transaction and integration costs.