Boston Scientific to Acquire Majority Stake of China-Based Acotec

December 11, 2022—Boston Scientific Corporation and Acotec Scientific Holdings Limited announced that Boston Scientific will make a partial offer to acquire a majority stake, up to a maximum of 65%, of shares of Acotec.

According to the companies, Acotec is a China-based medical technology company that offers solutions designed for a variety of interventional procedures, including drug-coated balloons (DCBs). The company launched the first peripheral DCB in China in 2016 after receiving approval from the National Medical Products Administration. The Acotec portfolio also includes radiofrequency ablation technologies and thrombus aspiration catheters, as well as > 20 other products in various stages of development across a range of specialties.

As noted in the press release, the proposed price is HK$20 per share, which represents a total upfront cash payment consideration of approximately US$523 million for the 65% stake at current exchange rates. In the 12-month period ending June 30, 2022, Acotec generated sales of RMB 339 million (approximately US$53 million), growing 25% year over year in the first 6 months of 2022, with double-digit growth in each of the 2 preceding years.

The companies advised that the completion of the transaction, which is anticipated in the first half of 2023, is subject to acceptance and approval by Acotec shareholders and other conditions set forth in related filings.

Art Butcher, Executive Vice President and Group President, MedSurg and Asia Pacific, Boston Scientific, commented in the press release, “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. 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.”