Boston Scientific to Acquire EndoChoice
MARLBOROUGH, Mass., Oct. 6, 2016 — Medical device manufacturer Boston Scientific Corp. has entered into an agreement to acquire gastrointestinal technology developer EndoChoice Holdings Inc.
"The addition of EndoChoice products and services to our portfolio supports our strategy to provide comprehensive solutions to gastroenterology caregivers and the patients they serve," said Art Butcher, senior vice president and president of Boston Scientific’s endoscopy division. "We expect the acquisition to expand our leadership into new categories in the endoscopy market and to drive strong, continued growth of our endoscopy business."
The transaction’s total equity is valued at approximately $210 million and is expected to close in the fourth quarter of 2016. Under the terms of the agreement, Boston Scientific will launch a tender offer for all EndoChoice outstanding shares at a cash price of $8.00 per share. Following the tender offer, if successful, all remaining shares will receive the same consideration paid to stockholders who participated in the tender offer.
"The combination of our broad portfolio of products and services for the gastroenterology physician, with the complementary products and large global infrastructure of the Boston Scientific endoscopy business, creates an enhanced growth platform for both businesses, and delivers immediate value for our shareholders,” said Mark Gilreath, founder and CEO EndoChoice.
Boston Scientific is a developer and manufacturer of medical devices for interventional radiology, interventional cardiology, peripheral interventions, neuromodulation, neurovascular intervention, electrophysiology, cardiac surgery, vascular surgery, endoscopy, oncology, urology and gynecology.
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