There has been much activity in the medical device industry in the last couple of years including acquisitions and buyouts. From the many US medical device giants that have been on the spot, Boston Scientific Corporation (NYSE:BSX) seems to have taken a unique position having obtained close to eight acquisitions since the beginning of 2012. Apparently, there could have been more that are not on record, like the 2014 deal with an endoscopy firm.
String of acquisitions by Boston Scientific has paid off
Boston Scientific has had to struggle with competition from its rival Ireland-based Medtronic in the acquisition space. Nonetheless, it has not been cowed by this given the notable and steady increase in its stock price. The company has so far attained a market capitalization of close to $36 billion.
Boston Scientifics’ CEO, Mike Mahoney, who has been at the helm of leadership since 2012 remains one of the highest-paid executives. The 52-year-old who has been running the scenes of the acquisitions earns $35.7 million in total compensation.
Boston Scientifics’ latest acquisition
The Marlborough, MA-based company is still at the height of strengthening its portfolio with its latest move to acquire Symetis. The Swiss medical device giant, which was established in 2001, is responsible for making heart products for transcatheter aortic valve replacement.
The deal will cost Boston Scientific $435 million in upfront cash. As a result of the new move, Symetis will put on hold its plans of raising about $66 million from an initial public stock Symetis devices trading on Paris’ Euronext Exchange.
The use of Symetis devices according to Boston Scientific’ chief medical officer, Ian Meredith comes in handy for the cardiologists and surgeons. They will have multiple options addressing a range of surgery issues.
Meanwhile Boston Scientific says that it is optimistic about the launch of its own heart valve replacement technology known as the Lotus Valve System. The company will file for its endorsement in the fourth quarter of 2017 before launching it sometimes in 2018. In the meantime, Boston Scientifics’ stock closed at $26.35 a fall of $0.11 or o.42%
