China-based Acotec Scientific Holdings Ltd (HKG: 6669) and US major Boston Scientific Corporation (NYSE: BSX) entered into a partial acquisition offer and collaboration agreement. According to the offer, Boston Scientific will acquire up to 203.7 million of Acotec’s shares at HKD 20 (USD 2.57) apiece, amounting to a 65% stake.
Transaction Details
As of the announcement date, Acotec has issued 313,389,171 shares, and the offer price is about 99.4% higher than the average closing price of HKD 10.03 (USD 1.29) for 30 consecutive trading days as of December 9, 2022. The overall transaction could be worth between HKD 3.13 billion to HKD 4.07 billion (USD 402 million to USD 523 million).
Post-Transaction Plans
Upon the transaction, Acotec will remain listed in Hong Kong and under the helm of the current chief executive officer (CEO) Li Jing. The two firms will explore and establish commercial collaborations going forward, alongside global market filing and sales opportunities.
Acotec Scientific Background
Based in Beijing, Acotec Scientific is an interventional medical device company with a product lineup mainly consisting of vascular interventional treatments, including drug-coated balloons (DCB) and percutaneous transluminal angioplasty balloon catheters (PTAs), among others.-Fineline Info & Tech
