Boston Scientific expands cardiology portfolio with acquisition of BridgePoint Medical
19 September 2012
Boston Scientific Corporation has announced that it has signed an agreement to acquire BridgePoint Medical, a privately held company that has developed a catheter-based system to treat coronary chronic total occlusions (CTOs). The transaction is expected to close in the fourth quarter of 2012.
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 US and EU clearance, and the company says it is currently the only crossing and re-entry system cleared in the US for use in coronary CTOs.
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.
"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."
Hank Kucheman, CEO at Boston Scientific said, "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. This will position the company as the leader in CTO technologies across the cardiovascular system."
The company expects the transaction to have an immaterial impact on GAAP and adjusted earnings in 2012 and 2013 and be modestly accretive thereafter. Financial terms of the transaction were not disclosed.