Natick-based medical device maker Boston Scientific Corp. has acquired Boston development-stage company Intelect Medical Inc. in a $60 million cash transaction.
Intelect Medical, which is developing technology for deep brain stimulation, is valued at $78 million. Because Boston Scientific already had an investment in the company, taking ownership cost it $60 million.
Deep brain stimulation (DBS) is a technique that has potential to treat brain injuries and neurological conditions such as Parkinson’s disease. Boston Scientific says the worldwide market for DBS is now $400 million and could grow to more than $1.5 billion by 2020.
Boston Scientific said the acquisition is part of a strategy to realign its portfolio.
