Boston Scientific Corporation (NYSE: BSX) announced a definitive agreement to acquire Symetis SA, a privately-held Swiss structural heart company focused on minimally-invasive transcatheter aortic valve implantation (TAVI) devices, for $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, Inc. manufacturing assets, and demonstrates the company's continued investment in structural heart through intellectual property, research and development, and manufacturing capabilities.
"The steps we are taking reflect our commitment to being a leader in TAVI and structural heart technologies now and over the long-term, as we broaden our portfolio and pipeline to address the needs of our global health care providers and their patients," said Ian Meredith, M.D., executive vice president and global chief medical officer, Boston Scientific. "The ACURATE family of valve products is strongly complementary to our cornerstone Lotus™ valve*** platform, and this compelling combination of technologies will allow us to provide interventional cardiologists and cardiac surgeons with multiple TAVI offerings for varying patient pathologies and anatomy."
Symetis is based in Ecublens, Switzerland, with approximately 300 employees worldwide.
"We are excited to be joining Boston Scientific," said Jacques R. Essinger, Ph.D. and CEO, Symetis. "We have great respect for the company's legacy and strong leadership in interventional cardiology, and we look forward to being part of driving further innovation across its diversified portfolio."
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 amortization expense and transaction and integration costs.
