Boston Scientific agreed to buy a majority stake in Chinese medical device maker Acotec Scientific Holdings Limited for about $523 million to gain a foothold in China’s burgeoning market for technologies to treat vascular diseases.
Acotec’s products include drug-coated balloons (DCBs) used in the treatment of vascular diseases. The company launched the first peripheral DCBs in China in 2016, and its portfolio includes radiofrequency ablation technologies and thrombus aspiration catheters, as well as more than 20 other products in various stages of development across a range of specialties, according to a statement issued by the two firms.
Actotec generated sales of RMB 339 million ($53 million) in the 12 months ended June 30, 2022, according to the statement.
In a presentation, Boston Scientific cited Acotec’s complementary portfolio, ”broad future pipeline,” its China-based manufacturing and research and development capacity, and the potential to sell more of its products in China as key factors behind the purchase. Boston Scientific said it expects China to account for about 25% of the global medical device market by 2030.
Boston Scientific, based in Marlborough, Massachusetts and the 12th-largest medical equipment maker, in November agreed to buy Apollo Endosurgery for $615 million.
Shares of Boston Scientific were little changed at $46.51 in early trading on the New York Stock Exchange on Monday.