Benzinga | Sep 21, 2021 08:42AM EDT

Boston Scientific Acquires Provider Of Thrombectomy Platform In Over $300M Deal

* Boston Scientific Corporation (NYSE:BSX) has agreed to acquire Devoro Medical Inc for over 300 million.

* Boston Scientific has been a strategic investor in Devoro Medical since 2019 and currently holds an equity stake of approximately 16%.

* The deal consists of an upfront payment of approximately $269 million for the remaining 84% stake and up to $67 million as milestone payments.

* Devoro Medical is a developer of the WOLF Thrombectomy Platform.

* The non-console and lytic-free WOLF technology targets and rapidly capture blood clots using finger-like prongs that retrieve and remove thrombi in the arterial and venous systems.

* On an adjusted basis, the transaction is expected to be slightly dilutive to EPS in 2021, which Boston Scientific expects to offset via internal cost efficiencies and trade-offs.

* The transaction will be less dilutive on a GAAP basis due to a one-time gain recognized at closing associated with a previously held equity interest in Devoro Medical.

* In 2022, the transaction is not expected to impact adjusted EPS and will be slightly dilutive on a GAAP basis due to amortization expense and acquisition-related charges. The transaction will close in Q4 of 2021.

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* Price Action: BSX stock is up 0.07% at $43.67 during the premarket session on the last check Tuesday.