Boston Scientific completes purchase of Neovasc assets

Boston Scientific has confirmed the completion of its recently-announced agreement to purchase assets from the Canadian medical technology company Neovasc.

The company has taken ownership of certain manufacturing assets and capabilities of Neovasc's advanced biological tissue business, which will now be incorporated into Boston Scientific's structural heart division.

Purchasing these manufacturing assets and biologic tissue capabilities will aid the future manufacturing of the Lotus Valve System and future heart valve technologies.

Neovasc is the company responsible for the developmental Tiara technology, which is intended for the transcatheter treatment of mitral valve disease, as well as the Neovasc Reducer technology for the treatment of refractory angina.

The $75 million (60.05 million pounds) deal will also see Boston Scientific make a 15 percent equity investment in Neovasc, giving it a significant stake in the company's future success and activities.

Ed Mackey, executive vice-president for operations at Boston Scientific, said: "The vertically integrated operational capabilities resulting from this acquisition will strengthen our structural heart pipeline and immediately benefit our Lotus valve platform."

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