Earlier this morning, Neovasc (NASDAQ: NVCN) announced an agreement with long-term customer Boston Scientific (NYSE: BSX), pushing shares of Neovasc nearly 50% higher. Per the agreement, Boston Scientific will acquire Neovasc’s tissue processing technology and facility for approximately $67.9 million in a deal expected to close by year-end 2016. Neovasc has been granted a license to the purchased assets and access to the sold facilities, which will allow the company to continue its tissue and valve assembly for its remaining customers, as well as its own tissue-related programs. Boston Scientific has also committed to purchasing 11,817,000 common shares at a price of $0.60 each ($7.0 million) for a 15% equity interest in Neovasc. Boston Scientific shares are up 2% mid-morning.
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About Neovasc Inc.
Neovasc is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products include the Neovasc Reducer™, for the treatment of refractory angina which is not currently available in the U.S. and has been available in Europe since 2015 and the Tiara™, for the transcatheter treatment of mitral valve disease, which is currently under investigation in the US, Canada and Europe. The Company also sells a line of advanced biological tissue products that are used as key components in third-party medical products including transcatheter heart valves. For more information, visit: www.neovasc.com.
About Boston Scientific
Boston Scientific transforms lives through innovative medical solutions that improve the health of patients around the world. As a global medical technology leader for more than 35 years, we advance science for life by providing a broad range of high performance solutions that address unmet patient needs and reduce the cost of healthcare. For more information, visit www.bostonscientific.com and connect on Twitter and Facebook.
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