Boston Scientific to acquire approximately 64% of MITech for approximately $230 million
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Boston Scientific to acquire approximately 64% of MITech for approximately $230 million.
On June 16, Boston Scientific announced that it had reached a deal with Synergy Innovation to acquire a 64% stake in MITech, a medical device development and manufacturing company held by the latter for about $230 million.
According to public information, MITech is a manufacturer of gastrointestinal and airway stents, which has developed a series of stent products for non-vascular interventional therapy.
According to literature reports, interventional therapy includes vascular interventional therapy and non-vascular interventional therapy.
Among them, interventional therapy for bile duct, esophagus and trachea belongs to non-vascular interventional therapy, which is mainly used for various benign and malignant factors such as non-vascular interventional therapy caused by tumors. The lumen is narrow.
According to MITech’s public information, the company has developed a series of non-vascular, self-expanding metal stents (the Hanarostent series), which can be used in endoscopic and urological procedures to remove obstructions in the airway and gastrointestinal system.
Equipped with MITech’s unique hook-and-cross nitinol design, this series of devices is designed for a more natural and flexible fit, allowing it to be placed in different areas of the gastrointestinal system, including the biliary system, pancreatic duct, esophagus , colon and duodenum. The brackets also feature flared ends to keep the product in place.
Previously, Hanarostent uncovered biliary stent and Hanarostent esophageal fully covered stent have been approved by the US FDA 510(k) to relieve lumen stenosis and improve the quality of life of patients facing biliary and esophageal stenosis.
In fact, this is not the first collaboration between Boston Scientific and MITech. As early as 2015, the two reached a cooperation agreement, and Boston Scientific is responsible for the sales of MITech’s series of non-vascular stent products in Japan.
Art Butcher, Executive Vice President and Group President, MedSurg and Asia Pacific, Boston Scientific, said: “MITech is an innovator in non-vascular stent development, and its products complement our existing stent portfolio, including the differentiated Axios stent and electrocardiography.
The cautery-enhanced delivery system, and the Agile esophageal stent system for flexibility and fit.”
References:
[1]Boston Scientific offers $230M for Korean maker of gastrointestinal and airway stents. Retrieved Jun 16 , 2022. From https://www.fiercebiotech.com/medtech/boston-scientific-offers-230m-korean-maker-gastrointestinal-and-airway-stents
[2]Boston Scientific Announces Agreement to Purchase Majority Stake of M.I.Tech Co., Ltd from Synergy Innovation Co., Ltd. Retrieved Jun 15 , 2022. From https://news.bostonscientific.com/2022-06-15-Boston-Scientific-Announces-Agreement-to-Purchase-Majority-Stake-of-M-I-Tech-Co-,-Ltd-from-Synergy-Innovation-Co-,-Ltd
[3]Olympus Adds HANAROSTENT to EndoTherapy Portfolio through Exclusive Distribution Agreement. Retrieved May 21 , 2018. From https://www.prnewswire.com/news-releases/olympus-adds-hanarostent-to-endotherapy-portfolio-through-exclusive-distribution-agreement-300650820.html
[4] Gan Yu et al. Research progress on the preparation and evaluation of non-vascular drug-eluting stents. [J] China Medical Devices Journal. 2021, Vol. 45 Issue (1) :46-51
Boston Scientific to acquire approximately 64% of MITech for approximately $230 million
(source:internet, reference only)
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