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Boston Scientific closes $75 million acquisition of Neovasc' assets

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Staff Writer | December 14, 2016
Boston Scientific closed its acquisition of certain manufacturing assets and capabilities of the Neovasc, advanced biological tissue business.
Boston Scientific
Acquisition   11,817,000 common shares
With the completion of the acquisition, Boston Scientific will integrate certain manufacturing assets and biologic tissue capabilities into its structural heart business for use in the manufacturing of the Lotus Valve System and future heart valve technologies.

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.