8-KOther Events

BOSTON SCIENTIFIC CORP 8-K Report, Corporate Update (Jan 29, 2019)

Filed January 29, 2019For Securities:BSX

Summary

Boston Scientific Corporation (BSX) announced the completion of its acquisition of Millipede, Inc. on January 29, 2019. This strategic move, following earlier option agreements and approvals under the Hart-Scott Rodino Act, significantly expands BSX's cardiovascular portfolio. Millipede's flagship product, the IRIS Transcatheter Annuloplasty Ring System, is designed to treat severe mitral regurgitation, a condition that affects a substantial patient population and represents a growing market opportunity. The acquisition positions Boston Scientific to capitalize on advancements in transcatheter therapies. The IRIS system offers a less invasive treatment option compared to traditional surgical methods, aligning with the industry's trend towards percutaneous interventions. Investors should view this acquisition as a positive step towards strengthening BSX's competitive position in the high-growth structural heart market and driving future revenue streams through innovative medical devices.

Key Highlights

  • 1Boston Scientific (BSX) has officially acquired Millipede, Inc., as of January 29, 2019.
  • 2The acquisition is a significant expansion into the treatment of severe mitral regurgitation.
  • 3Millipede's key asset is the IRIS Transcatheter Annuloplasty Ring System.
  • 4The IRIS system represents a less invasive, transcatheter approach to treating mitral regurgitation.
  • 5Acquisition completed after the expiration of the Hart-Scott Rodino Act waiting period.
  • 6This move strengthens BSX's position in the cardiovascular and structural heart device market.

Frequently Asked Questions

The acquisition of Millipede, Inc. is strategically important as it grants Boston Scientific access to the IRIS Transcatheter Annuloplasty Ring System. This innovative technology targets the treatment of severe mitral regurgitation, a significant unmet medical need, and enhances BSX's portfolio in the growing structural heart disease market.

The IRIS Transcatheter Annuloplasty Ring System is Millipede's key product, designed for a less invasive, transcatheter treatment of severe mitral regurgitation. This means it can be delivered through a catheter, potentially offering a safer alternative to open-heart surgery for many patients.

The acquisition's completion was contingent upon, and followed, the expiration of the applicable waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended. This indicates that antitrust regulators have cleared the transaction.

Boston Scientific had previously announced an acquisition option agreement with Millipede on January 24, 2018, and formally exercised this option on December 27, 2018, leading to the completion of the acquisition on January 29, 2019.