Symetis, a medical technology company specializing in the development, manufacturing and marketing of percutaneous heart valve replacement solutions for the treatment of severe cardiac valve conditions, announced that it has agreed to be acquired by Boston Scientific for 435 Mio. USD in an all cash, up-front payment.
The acquisition of Symetis by Boston Scientific will allow the company to extend its reach and expand the treatment offerings for patients with aortic valvular heart disease worldwide. The combination of Symetis’ ACURATE valves with the Boston Scientific Lotus valve platform, will also enable interventional cardiologists and cardiac surgeons to address varying patient pathologies and anatomies with two complementary and compelling technologies.
Jacques R. Essinger, Ph.D. and CEO, Symetis, commented: “Over the past years, Symetis matured into a TAVI (Transcatheter Aortic Valve Implantation) player with fast growth and a solid clinical reputation. The IPO that we were pursuing until yesterday on Euronext Paris was meant to give Symetis the means to commercially expand beyond Europe and to further grow into the exciting field of structural heart“, Essinger said.
Michael Brandkamp, Managing Director of High-Tech Gründerfonds (HTGF) states: „This exit shows again that the European Venture Capital scene is able to develop huge and successful companies. The HTGF became a late shareholder of Symetis, via an acquisition of a HTGF startup by Symetis and is very delighted about this successful transaction.”
Following the purchase agreement reached with Boston Scientific, the IPO launched on 20 March 2017 by Symetis on Euronext Paris, very well received by the investment community and which was originally expected to be completed on 31 March 2017, has been halted. The acquisition of Symetis by Boston Scientific is projected to close during the second quarter of 2017, subject to customary closing conditions.
Symetis, founded in 2001, is a medical technology company specializing in the development, manufacturing and marketing of percutaneous heart valve replacement solutions for the treatment of severe cardiac valve conditions. Symetis’ products, ACURATE TA and ACURATE neo/TF, and their delivery systems are based on proprietary design and delivery technologies and are marketed and sold in key markets in Europe and in other geographies. Symetis’ TAVI solutions are recognized by intervention cardiologists and surgeons for their clinical performance and ease of use. Growing at a strong and sustained CAGR of 55% since 2012, the company generated revenues of 38,4 Mio. CHF in 2016.