2023-05-25 06:56:57 ET
Boston Scientific ( NYSE: BSX ) has canceled an agreement to acquire a majority stake in the publicly listed Korean medical device maker M.I.Tech for $230M in a decision attributed to regulatory concerns.
Instead, the Marlborough, Massachusetts-based MedTech giant will buy a minority stake of about 10% in a transaction expected to complete later this year, Stat News reported.
The Federal Trade Commission (FTC) welcomed the decision thanking its staff for handling the issue.
“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,” Holly Vedova, the FTC’s Director of Bureau of Competition, said in a statement.
“The FTC will not hesitate to take action in enforcing the antitrust laws to protect patients and doctors,” she added.
In June 2022, Boston Scientific ( BSX ) announced a $230M deal with Synergy Innovation to purchase its majority stake of ~64% in M.I.Tech, a maker of medical devices for endoscopic and urologic procedures.
“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,” Kate Haranis, Boston Scientific’s ( BSX ) spokesperson, said.
More on Boston Scientific
- Boston Scientific rises as revenue guidance beats consensus
- Boston Scientific: Expect To Pay A Premium For Its Growth Attributes
For further details see:
Boston Scientific scraps $230M plan to buy Korean medical device maker