Boston Scientific Corporation (BSX) to Buy BridgePoint Medical for Undisclosed Amount
9/19/2012 9:06:39 AM
NATICK, Mass., Sept. 19, 2012 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) has signed a definitive agreement to acquire BridgePoint Medical, Inc., a privately held company based in Minneapolis, Minnesota. BridgePoint Medical has developed a proprietary, catheter-based system to treat coronary chronic total occlusions (CTOs). The transaction is expected to close in the fourth quarter of 2012 subject to customary closing conditions.
The BridgePoint Medical CTO system is comprised of the CrossBoss CTO Crossing Catheter and the Stingray® CTO Re-Entry System, and is designed to navigate highly diseased (occluded) coronary arteries as a means of blood flow restoration. The system has received both U.S. Food and Drug Administration clearance and CE Mark, and is currently the only crossing and re-entry system cleared in the U.S. for use in coronary CTOs.
"The BridgePoint Medical CTO system is a compelling addition to our industry-leading suite of cardiology products," said Kevin Ballinger, president of the Interventional Cardiology Division at Boston Scientific. "This acquisition strengthens our portfolio and demonstrates the Boston Scientific commitment to continued leadership in interventional cardiology."
CTOs are chronically occluded coronary arteries - typically for 3 months or longer - that prevent blood circulation to critical areas of the heart. CTO devices are designed to permit endovascular treatment in cases that otherwise might require a patient to undergo invasive intervention, such as coronary artery bypass surgery.
"Complete arterial blockages pose a major challenge in the treatment of coronary artery disease, and this CTO system gives physicians an important treatment option in these difficult cases," said Marty Leon, M.D., Director of the Center for Interventional Vascular Therapy at New York-Presbyterian Hospital/Columbia University Medical Center in New York City. "Many of these patients would have previously been referred for bypass surgery, typically requiring weeks of recovery. Now, many of them are able to go home within 24 hours."
"We look forward to welcoming the outstanding team at BridgePoint Medical to Boston Scientific," said Hank Kucheman, chief executive officer at Boston Scientific. "The acquisition of BridgePoint Medical is expected to build upon our rich product portfolio in cardiology and represents an important part of our growth strategy in this critical market. We believe the BridgePoint coronary devices will provide the Boston Scientific Interventional Cardiology business a dedicated CTO solution while the Boston Scientific Peripheral Intervention business offers the TruePath CTO Device and OffRoad CTO Device. This will position the company as the leader in CTO technologies across the cardiovascular system."
The transaction is expected to have an immaterial impact on GAAP and adjusted earnings in 2012 and 2013 and be modestly accretive thereafter. Financial terms of the transaction are not being disclosed.
The OffRoad CTO device is an investigational device and is not available for sale in the U.S.
About Boston Scientific
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices that are used in a broad range of interventional medical specialties. For more information, please visit: http://www.bostonscientific.com/.
About BridgePoint Medical
BridgePoint Medical, Inc. is a privately held company established in 2007 to design, develop and commercialize new technologies and techniques to treat challenging coronary artery disease. Investors include New Enterprise Associates, Polaris Venture Partners, Foundation Medical Partners and Michael Berman.
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This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "intend" and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding our business plans and growth strategy, markets for our products and our position in those markets, timing of closing the transaction and expected accretion/dilution, and product performance and importance. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.
Factors that may cause such differences include, among other things: future economic, competitive, reimbursement and regulatory conditions; new product introductions; demographic trends; intellectual property; litigation; financial market conditions; and future business decisions made by us and our competitors. All of these factors are difficult or impossible to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. This cautionary statement is applicable to all forward-looking statements contained in this document.
CONTACT: Steven Campanini
Boston Scientific Corporation
Boston Scientific Corporation
SOURCE Boston Scientific Corporation