Medical device maker Boston Scientific Corp., which has major business operations in Minnesota, closed on its previously announced acquisition of Georgia-based EndoChoice for about $210 million in cash.
Boston Scientific closes on its purchase of EndoChoice
It is paying $210 million cash for the Ga. company.
November 23, 2016 at 2:24AM
EndoChoice's products in infection control, pathology services and single-use medical devices will be folded into Boston Scientific's offerings for gastrointestinal doctors who work in group practices, hospitals and stand-alone surgery centers.
Regarding one of EndoChoice's key products — the Full Spectrum Endoscopy (FUSE) colonoscope — Boston Scientific said it is evaluating "strategic options" for the device and will announce its plans for it by the end of the year.
The scope offers the GI doctor panoramic, 330-degree views inside the anatomy. In one study, FUSE detected 69 percent more tumors than traditional forward-looking scopes.
"Boston Scientific is a leader in the field of endoscopy and we are committed to providing innovative products and services to meet the changing and growing needs within the field," said Boston Scientific Senior Vice President Art Butcher in a news release about the EndoChoice deal Tuesday.
The offer to acquire EndoChoice for $8 per share was first announced on Sept. 27.
For the year ended Sept. 30, EndoChoice had $75 million in total sales. Boston Scientific expects the deal to be neutral to adjusted earnings this year, and to be profitable thereafter.
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Health care spending rose by 15%, driven by higher prices. Officials say solutions are needed to prevent Minnesotans from being priced out or delaying care they need.
