Boston Scientific Corporation and non-vascular stent manufacturer M.I. Tech Co. Ltd. have terminated their $230 million purchase agreement. That transaction, which would have allowed Boston Scientific to acquire a majority stake in the company, had initially been expected to take place by the end of 2022.
In response to the announcement, Federal Trade Commission Bureau of Competition Director Holly Vedova issued this statement:
“I am pleased that Boston Scientific and M.I. Tech have abandoned their proposed transaction in response to investigations by FTC staff and our overseas enforcement partners. The FTC will not hesitate to take action in enforcing the antitrust laws to protect patients and doctors. I would like to thank the entire FTC team for their excellent work on this matter.”
Boston Scientific Corporation previously announced in June 2022 that it had entered into a definitive agreement with Synergy Innovation Co. Ltd., to purchase approximately 64% of M.I. Tech, a publicly traded Korean manufacturer and distributor of medical devices for endoscopic and urologic procedures. MI Tech is the creator of the HanaroStent technology, a family of conformable, non-vascular, self-expanding metal stents, which have been distributed by Boston Scientific in Japan since 2015.
Instead, Boston Scientific will reportedly purchase a minority stake of around 10% in M.I. Tech. This transaction is expected to go through some time in 2023.