Boston Scientific to Buy 64% of M.I. Tech for About $230 Million

By Colin Kellaher

Boston Scientific Corp. on Wednesday agreed to buy the roughly 64% stake in Korean medical-device maker M.I. Tech Co. Ltd. held by Synergy Innovation Co. Ltd. for about $230 million, Boston Scientific said.

The Marlborough, Mass., medical-devices maker would pay 14,500 South Korean won a share, 31% above Wednesday's closing price of KRW11,050, for the stake in M.I. Tech, which makes and distributes medical devices for endoscopic and urologic procedures, Boston Scientific said.

M.I. Tech is the creator of the HanaroStent family of non-vascular, self-expanding metal stents, which Boston Scientific has distributed in Japan since 2015.

Boston Scientific expects to complete the acquisition in the second half of the year, it said.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

06-15-22 0735ET