For the last five years, the medical industry has been rolling with activities from different market players one of the most notable ones being Boston Scientific Corporation (NYSE:BSX). The Marlborough-based company has faced stiff competition from its rival, the Ireland-based Medtronic plc. Ordinary Shares (NYSE:MDT) but it has still maintained its share.
The medical device company, which employees close to 27,000 employees globally has been at the forefront of acquisitions. Reports by market research firm CB Insights shows a record of eight acquisitions by the company since the beginning of 2012. Nonetheless, the number could be more given that the most recent deals of 2014 have not been recorded.
The company has been making big and notable strides in the medical device industry. With around 2,500 employees in Massachusetts, it has been tagged as the leading medical device firm based in the state by headcount. The efforts of its CEO, Mike Mahoney have paid off handsomely because the company’s market capitalization stands at $36 billion.
The 52-year-old joined Boston Scientific in October 2011 as the president before being elevated to the CEO position a year later. He has taken the company from one level to another to a point that he has become one of the highest-paid executives among public companies. Mahoney takes home $35.7 million in total compensation.
The company’s new acquisition
Despite all the growth and success, Boston Scientific is not relenting and has gone ahead to sign a definitive agreement with Symetis. The medical technology company, which was founded in 2001, specializes in the development, manufacturing, and marketing of percutaneous heart valve replacement solutions.
The Swiss company has had success in addressing patients’ needs thanks to its innovative structural heart technologies. The new purchase in which Boston Scientific will part with $435 million in an all-cash, up-front payment comes at a time when cardiologists and cardiac surgeons are in search of compelling technologies.
In recommendation of the new move, Symetis CEO Jacques R. Essinger says, “We are very pleased by the positive response we received from the investment community for the interest it has shown in Symetis Moving forward, this means an exciting development path for the Symetis team.”
In the meantime, Boston Scientific’s stock closed at $26.51 witnessing an increase of $0.16 or 0.61%.
