Boston Scientific Corporation has entered into a definitive agreement with Synergy Innovation Co., Ltd, to purchase its majority stake (approximately 64%) of M.I.Tech, a publicly traded Korean manufacturer and distributor of medical devices for endoscopic and urologic procedures. M.I.Tech is the creator of the HANAROSTENT technology, a family of conformable, nonvascular, self-expanding metal stents, which have been distributed by Boston Scientific in Japan since 2015.
The HANAROSTENT technology features a hook-cross nitinol design intended to provide a natural and flexible fit within a patient’s anatomy, as well as flared ends to help prevent stent migration.
Per a press release from Boston Scientific, the agreement consists of a purchase price of 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.
“M.I.Tech is an innovator in nonvascular stent development, with product offerings that complement our existing stent portfolio, including the differentiated AXIOS Stent and Electrocautery Enhanced Delivery System and the flexible and conformable Agile Esophageal Stent System,” said Art Butcher, executive vice president and group president, MedSurg and Asia Pacific, Boston Scientific. “We are committed to investing in technologies that advance care for patients around the world and are eager to work more closely with M.I.Tech to expand their international footprint.”
The company expects to complete the transaction in the second half of 2022, subject to customary closing conditions.