Boston Scientific closes $75 million acquisition of Neovasc' assetsStaff Writer | December 14, 2016
Boston Scientific closed its acquisition of certain manufacturing assets and capabilities of the Neovasc, advanced biological tissue business.
Acquisition 11,817,000 common shares
The two organizations announced a definitive agreement on December 2, 2016 for Boston Scientific to acquire the advanced biologic tissue capabilities and make a 15% equity investment in Neovasc, for a total of $75 million in cash.
With the equity investment, Boston Scientific now beneficially owns, controls and directs 11,817,000 common shares representing in aggregate 15% of the issued and outstanding common shares which were acquired at a price of $0.60 per common share for total consideration paid of $7,090,200.
The common shares were acquired for investment purposes. Prior to these transactions, Boston Scientific did not beneficially own, control or direct any common shares of Neovasc. ■