M.I. Tech

Boston Scientific (NYSE:BSX) will no longer be acquiring a majority stake in Korea-based medical device manufacturer M.I. Tech.

The Marlborough, Massachusetts-based company announced plans to acquire a 64% stake in M.I. Tech in June 2022. It valued the deal at approximately $230 million.

At the time, the company expected to close the transaction by the end of 2022. However, the deal remained contingent on certain conditions, including regulatory approvals. Those required approvals contributed to the termination of the agreement.

Boston Scientific will instead acquire a nearly 10% stake in M.I. Tech, according to a company spokesperson. M.I. Tech’s offerings include the Hanarostent family of conformable, non-vascular, self-expanding metal stents, which Boston Scientific has distributed the platform in Japan since 2015.

Stat News reported the change of plans on May 24. The Boston Scientific spokesperson provided the following statement on the …

Boston Scientific (NYSE:BSX) announced today that it agreed with Synergy Innovation to purchase its majority stake in M.I. Tech.

Marlborough, Massachusetts-based Boston Scientific will acquire a stake totaling approximately 64% in the publicly traded, Korea-based manufacturer and distributor of medical devices for endoscopic and urologic procedures.

According to a news release, M.I. Tech created the Hanarostent family of conformable, non-vascular, self-expanding metal stents, which Boston Scientific has distributed in Japan since 2015. Hanarostent technology features a hook-cross nitinol design for providing a natural and flexible fit within a patient’s anatomy, along with flared ends to help prevent stent migration.

The purchase price for the agreement includes approximately KRW 14,500 per share, which represents a total of KRW 291.2 billion or approximately $230 million at current exchange rates, subject to closing adjustments.

Boston Scie…