Boston Scientific Corp. (NYSE: BSX), a biomedical or biotech engineering company is looking at picking up a majority stake, up to a maximum of 65%, of shares of Acotec. Acotec is a Chinese medical technology company that offers “solutions designed for a variety of interventional procedures.”
BSX is looking at acquiring this stake at a proposed price of HK$20 per share, indicating a total upfront cash payment consideration of around $523 million at current exchange rates.
Art Butcher, EVP and group president, MedSurg and Asia Pacific, Boston Scientific commented, “We expect completion of the partial offer to further strengthen our presence in China and create the potential for commercialization of Acotec products globally, providing an increased number of physicians and patients access to our robust and complementary product portfolios.”
BSX expects this acquisition to be completed in the first half of next year.
Analysts are bullish on BSX with a Strong Buy consensus rating based on a unanimous 13 Buys.
