Boston Scientific To Acquire Silk Road Medical For $27.50/share In Deal Valued At About $1.16 Bln
(RTTNews) - Medical device company Boston Scientific Corp. (BSX) announced Tuesday it has entered into a definitive agreement to acquire smaller peer Silk Road Medical, Inc. (SILK) for $27.50 per share, reflecting an enterprise value of approximately $1.16 billion.
Boston Scientific has developed an innovative platform of products to prevent stroke in patients with carotid artery disease through a minimally invasive procedure called transcarotid artery revascularization (TCAR).
The TCAR system gained U.S. Food and Drug Administration approval in 2015 and is supported by several clinical studies demonstrating a reduced risk of stroke and other complications associated with traditional open surgery.
The products sold by Silk Road Medical are the only devices commercially available for use during the TCAR procedure.
Boston Scientific expects to complete the transaction in the second half of 2024, subject to customary closing conditions.
Silk Road Medical has guided to net revenue of approximately $194-198 million in 2024, representing 10-12% growth over the prior fiscal year.
The impact to Boston Scientific adjusted earnings per share is expected to be immaterial in 2024 and 2025, and accretive thereafter.
We expect the impact to earnings per share to be less accretive, or dilutive, as the case may be, due to amortization expense and acquisition-related net charges.
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