STAT+: Boston Scientific cancels $230 million deal to buy Korean device company
Boston Scientific is scrapping its $230 million plan to buy a majority stake in M.I. Tech, a Korean company that builds surgical tools. Instead, it will purchase a minority stake…
Boston Scientific is scrapping its $230 million plan to buy a majority stake in M.I. Tech, a Korean company that builds surgical tools, the company confirmed to STAT. Instead, it will purchase a minority stake of around 10%. That purchase will go through later this year.
“Our agreement to purchase the majority stake of M.I.Tech Co., Ltd, from Synergy Innovation Co., Ltd, required global regulatory approvals that we were not able to obtain in some countries,” said Boston Scientific spokesperson Kate Haranis. “While we are disappointed that we will not complete this purchase as initially constructed, we are committed to investing in innovative, patient-centric technologies that solve unmet clinical needs and to continuing to grow our relationship with M.I.Tech.”
The Federal Trade Commission took credit for cracking down on the deal on Wednesday.
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