- Boston Scientific Corporation BSX is terminating its $230 million plan to buy a majority stake in M.I. Tech, a publicly traded Korean manufacturer and distributor of medical devices for endoscopic and urologic procedures.
- The MedTech giant announced acquiring the Korean company in June last year at KRW 14,500 per share, representing KRW 291.2 billion or approximately $230 million.
- Also Read: Boston Scientific Clocks Strong Q1 Earnings As Elective Surgeries Recover, Boosts FY23 Outlook.
- “I am pleased that Boston Scientific and M.I. Tech have abandoned their proposed transaction in response to investigations by FTC staff and our overseas enforcement partners,” commented Federal Trade Commission Bureau of Competition Director Holly Vedova
- Stat News reported that Boston Scientific would purchase a minority stake of around 10%. That purchase will go through later this year.
- “Our agreement to purchase the majority stake of M.I.Tech Co., Ltd, from Synergy Innovation Co., Ltd, required global regulatory approvals that we were not able to obtain in some countries,” STAT News noted, citing Boston Scientific spokesperson Kate Haranis.
- Just today, Medtronic agreed to acquire Korea-based EOFlow Co Ltd, manufacturer of the EOPatch device — a tubeless, wearable, and fully disposable insulin delivery device, for KRW 971 billion ($738 million). The deal is expected to close in the second half of the calendar year 2023.
- Price Action: BSX shares are down 0.29% at $51.78 on the last check Thursday.
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