HQ Team
December 13, 2022: Boston Scientific announced it is making a partial offer to acquire a 65% stake in Chinese medical technology company, Acotec for $523 million in cash.
Acotec makes medical products, such as drug-coated balloons, used in the treatment of vascular and other diseases, according to a statement.
In the 12 months ending June 30, 2022, Actotec generated sales of RMB 339 million ($53 million), growing 25% year-over-year in the first six months of 2022 with double-digit growth in both the previous years.
“Acotec is a profitable, fast-growing company with a strong portfolio and innovative pipeline of medical technologies, and we believe this investment will generate growth opportunities for both companies,” said Art Butcher, executive vice president and group president, MedSurg and Asia Pacific, Boston Scientific.
“We expect completion of the partial offer to strengthen our presence in China further and create the potential for commercialization of Acotec products globally, providing increased physicians and patients access to our robust and complementary product portfolios.”
First half 2023
The transaction may conclude in the first half of 2023, and Boston Scientific expects the impact on adjusted earnings per share to be immaterial in 2023.
The impact on GAAP earnings per share will be less accretive or dilutive, as the case may be, due to amortization expenses and acquisition-related net charges, according to the statement.
In 2016, Acotec unveiled the first peripheral drug-coated balloons in China after receiving approval from the National Medical Products Administration.
The Acotec portfolio also includes radiofrequency ablation technologies, thrombus aspiration catheters, and more than 20 other products in various stages of development.
