Boston Scientific Corporation has closed its acquisition of certain manufacturing assets and capabilities of the Neovasc advanced biological tissue business. With the completion of the acquisition, Boston Scientific will integrate certain manufacturing assets and biologic tissue capabilities into its structural heart business for use in the manufacturing of the Lotus valve systems and future heart valve technologies.
The two organisations announced a definitive agreement on December 2, 2016 for Boston Scientific to acquire the advanced biologic tissue capabilities and make a 15% equity investment in Neovasc, for a total of US$75 million in cash.
With the equity investment, Boston Scientific now beneficially owns, controls and directs 11,817,000 common shares representing in aggregate 15% of the issued and outstanding common shares which were acquired at a price of US$0.60 per common share for total consideration paid of US$7,090,200.1
The common shares were acquired for investment purposes. Prior to these transactions, Boston Scientific did not beneficially own, control or direct any common shares of Neovasc.
Neovasc, based in British Colombia, Canada, is a specialty medical device company that develops, manufactures and markets products for the cardiovascular marketplace, including the Tiara technology in development for the transcatheter treatment of mitral valve disease, and the Neovasc Reducer technology for the treatment of refractory angina.