Boston Scientific To Purchase Synergy Innovation Co.'s 64% Stake In M.I.Tech

(RTTNews) - Boston Scientific Corp. (BSX) has entered into a definitive agreement with Synergy Innovation Co., Ltd, to purchase its majority stake of M.I.Tech Co. a publicly traded Korean manufacturer and distributor of medical devices for endoscopic and urologic procedures. The purchase price is approximately $230 million.

M.I.Tech is the creator of the HANAROSTENT technology, a family of conformable, non-vascular, self-expanding metal stents, which have been distributed by Boston Scientific in Japan since 2015.

Boston Scientific expects to complete the transaction in the second half of 2022. The impact to GAAP and adjusted earnings per share is expected to be immaterial in 2022.