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))
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