BUZZ-Boston Scientific gains on deal to acquire Bolt Medical

Updates

Shares of medical device maker Boston Scientific BSX.N rise 4.9% to hit a record high of $96.45

BSX says it has agreed to buy ~74% stake not yet owned in medtech firm Bolt Medical

Transaction consists of an upfront payment of about $443 mln for the stake and up to $221 mln upon achievement of certain regulatory milestones

Deal, expected to be completed in the first half of 2025, will expand BSX's portfolio of cardiovascular devices

Bolt Medical develops an advanced laser-based platform for the treatment of coronary and peripheral artery disease, which leads to buildup of plaque in the arteries

"The acquisition... offers a path toward competing in this high-growth area that is dominated by Johnson & Johnson JNJ.N following its 2024 acquisition of Shockwave Medical" - BTIG analyst Marie Thibault

Up to last close, BSX shares up 62.3% over the past 12 months

(Reporting by Mariam Sunny in Bengaluru)

((Mariam.ESunny@thomsonreuters.com))