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Boston Scientific to Purchase Majority Stake in Korean Medical Device Maker M.I.Tech Co.

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MANews-(C)2009-2022

US-based medical technology company Boston Scientific Corp. (NYSE: BSX) has entered into a definitive agreement with Synergy Innovation Co., Ltd, to purchase its majority stake (approximately 64%) of Korean medical device maker M.I.Tech Co., Ltd, the company said.

M.I.Tech is amanufacturer and distributor of medical devices for endoscopic and urologic procedures.

M.I.Tech is the creator of the Hanarostent technology, a family of conformable, non-vascular, self-expanding metal stents, which have been distributed by Boston Scientific in Japan since 2015.

The agreement consists of a purchase price of KRW 14,500 per share, which represents a total of KRW 291.2bn or approximately USD 230m at current exchange rates, subject to closing adjustments.

Non-vascular gastrointestinal and airway stents are used to help clear occlusions or strictures in various areas of a patient's anatomy, including...

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