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Boston Scientific Buys Majority Stake of M.I.Tech

Transaction with Korean maker of endoscopic and urologic medical devices was ~$230 million.

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By: Sam Brusco

Associate Editor

Boston Scientific entered an agreement with Synergy Innovation Co. to buy a majority stake (about 64%) in M.I.Tech Co., a Korean maker of endoscopic and urologic medical devices.
 
M.I.Tech created HANAROSTENT, a family of conformable, non-vascular, self-expanding metal stents. Boston Scientific has been distributing the stents in Japan since 2015.
 
Non-vascular gastrointestinal and airway stents help clear occlusions or strictures in various areas of anatomy, including the biliary tree, pancreatic duct, esophagus, colon, and duodenum.
 
The purchase price amounted to about $230 million.
 
“M.I.Tech is an innovator in non-vascular stent development, with product offerings that complement our existing stent portfolio, including the differentiated AXIOS Stent and Electrocautery Enhanced Delivery System and the flexible and conformable Agile Esophageal Stent System,” Art Butcher, Boston Scientific’s executive VP and group president of MedSurg and Asia Pacific, told the press. “We are committed to investing in technologies that advance care for patients around the world and are eager to work more closely with M.I.Tech to expand their international footprint.”
 
HANAROSTENT technology features a hook-cross nitinol design to provide a natural and flexible fit in a patient’s anatomy, as well as flared ends to help prevent stent migration.
 
Boston Scientific aims to complete the transaction in the second half of this year.

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