With the completion of the acquisition, Boston Scientific will integrate certain manufacturing assets and biologic tissue capabilities into its structural heart business for use in the manufacturing of the Lotus™ Valve System* and future heart valve technologies.
The two organizations announced a definitive agreement for Boston Scientific to acquire the advanced biologic tissue capabilities and make a 15% equity investment in Neovasc, for a total of $75 million in cash.
With the equity investment, Boston Scientific now beneficially owns, controls and directs 11,817,000 common shares representing in aggregate 15% of the issued and outstanding common shares which were acquired at a price of US$0.60 per common share for total consideration paid of US$7,090,200.1
The common shares were acquired for investment purposes. Prior to these transactions, Boston Scientific did not beneficially own, control or direct any common shares of Neovasc.
Read more: streetinsider.com