STAT+: Boston Scientific cancels $230 million deal to buy Korean device company
Boston Scientific is scrapping its $230 million plan to buy a majority stake in M.I. Tech, a Korean company that builds surgical tools, the Federal Trade Commission announced on Wednesday.
“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,” FTC competition director Holly Vedova said in a statement.
The medical device giant had agreed to purchase around 64% of the company last June. Boston Scientific focuses on minimally-invasive medical devices, and M.I. Tech would have contributed to its portfolio of non-vascular stents, devices that clear blockages in the body. Boston Scientific was already distributing one of M.I. Tech’s stents in Japan. In announcing the agreement, the companies said the deal would have helped both parties expand internationally. Neither Boston Scientific nor M.I. Tech responded to STAT’s request for comment.
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