PR Newswire12.13.16
Boston Scientific Corporation today announced the close of its acquisition of certain manufacturing assets and capabilities of the Neovasc Inc., advanced biological tissue business. 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 System1 and future heart valve technologies.
The two organizations announced a definitive agreement on December 2, 2016 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 $7,090,200.2
The common shares were acquired for investment purposes. Prior to these transactions, Boston Scientific did not beneficially own, control or direct any common shares of Neovasc.
A copy of the report to be filed by Boston Scientific in connection with the transactions will be available on the Neovasc SEDAR profile, and can also be obtained by contacting Investor Relations at Boston Scientific.
References
1The Lotus Valve System is an investigational device in the U.S., limited by law to investigational use and not available for sale.
2Being C$.788 per Common Share and total consideration of C$9,316,523 using the Bank of Canada's December 12, 2016 noon exchange rate of US$1 = C$1.3140
The two organizations announced a definitive agreement on December 2, 2016 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 $7,090,200.2
The common shares were acquired for investment purposes. Prior to these transactions, Boston Scientific did not beneficially own, control or direct any common shares of Neovasc.
A copy of the report to be filed by Boston Scientific in connection with the transactions will be available on the Neovasc SEDAR profile, and can also be obtained by contacting Investor Relations at Boston Scientific.
References
1The Lotus Valve System is an investigational device in the U.S., limited by law to investigational use and not available for sale.
2Being C$.788 per Common Share and total consideration of C$9,316,523 using the Bank of Canada's December 12, 2016 noon exchange rate of US$1 = C$1.3140