Boston Scientific Acquires Intelect Medical for $60M

Boston Scientific Corporation BSX today announced it has acquired Intelect Medical, Inc., a development-stage company located in Boston. Intelect Medical is developing advanced neuromodulation technologies for deep brain stimulation (DBS) therapy. The transaction values Intelect Medical at $78 million with no cash and no debt on its balance sheet. As a result of Boston Scientific's existing equity and debt positions in Intelect Medical, the total cash payment by Boston Scientific was approximately $60 million, which was funded with cash on hand. Boston Scientific expects the transaction to have an immaterial impact on its GAAP and adjusted earnings per share in each of 2011, 2012 and 2013, and to be accretive starting in 2014.