Boston Scientific has closed a deal with a Vancouver company to acquire its tissue processing technology and facility for $67,909,800, the company announced Tuesday.
Neovasc is a specialty medical device company that develops, manufactures and markets products for the cardiovascular marketplace and has been a Boston Scientific supplier. According to Boston Scientific, the Neovasc advanced biological tissue capabilities will be integrated into the company’s structural heart business for use in the manufacturing of the Lotus valve and future heart valve technologies. This will help increase the line in Europe while also preparing the company to launch the product in the U.S. in 2017, according to Boston Scientific.
In addition to the facility, Boston Scientific will also take a 15-percent ownership stake in the company for a total of $7,090,200.
