Marlborough, Mass.-based Boston Scientific Corp. has finalized its $75 million acquisition of Canadian medical device manufacturer Neovasc. Upon completion of the transaction, the Neovasc advanced biological tissue capabilities will be integrated into the Boston Scientific structural heart business for use in the manufacturing of the Lotus valve and future heart valve technologies.
Earlier this month, the two companies announced a definitive agreement for Boston Scientific to acquire the advanced biologic tissue capabilities and make a 15% equity investment in Neovasc. The Neovasc advanced biological tissue business makes elements used in transcatheter heart valves, including the Boston Scientific Lotus Valve System.
“We continually seek ways to optimize our manufacturing processes and enhance our product portfolio,” says Ed Mackey, executive vice president of operations at Boston Scientific. “The vertically integrated operational capabilities resulting from this acquisition will strengthen our structural heart pipeline and immediately benefit our Lotus valve platform as we work to increase our market share in Europe and prepare for launch in the U.S., expected in late 2017.”
This development comes one day after the U.S. District Court for the District of Massachusetts held a hearing in connection with CardiAQ Valve Technologies, Inc.’s ongoing litigation against Neovasc. Ruling from the bench, the court denied CardiAQ’s motion for a temporary restraining order to prevent the transaction between Neovasc and Boston Scientific Corp. from closing.