Shares of Boston Scientific Corporation (NYSE:BSX) ended Tuesday session in red amid volatile trading. The shares closed down -0.02 points or 0.08% at $23.72 with 12.32 million shares getting traded. Post opening the session at $23.73, the shares hit an intraday low of $23.41 and an intraday high of $23.78 and the price vacillated in this range throughout the day. The company has a market cap of $32.25 billion and the numbers of outstanding shares have been calculated to be 1.36 billion shares.
On Sept. 27, 2016 Boston Scientific (BSX) and EndoChoice Holdings, Inc. (GI) announced the companies have entered into a definitive agreement under which Boston Scientific has agreed to acquire EndoChoice. Upon completion of the transaction, EndoChoice will become part of the Boston Scientific endoscopy business.
EndoChoice develops and commercializes innovative products and services for specialists treating a wide range of gastrointestinal (GI) conditions. The EndoChoice portfolio includes single-use devices, such as resection and retrieval devices, needles, graspers and infection control kits. The company also has strong positions in pathology services and imaging technologies.
Under the terms of the agreement, Boston Scientific will launch a tender offer for all EndoChoice outstanding shares at a cash price of $8.00 per share. Following the tender offer, if successful, all remaining shares of EndoChoice will receive the same consideration paid to stockholders who participated in the tender offer. The total equity value is approximately $210 million and the transaction is expected to close in the fourth quarter of 2016 subject to customary closing conditions.
“The addition of EndoChoice products and services to our portfolio supports our strategy to provide comprehensive solutions to gastroenterology caregivers and the patients they serve,” said Art Butcher, senior vice president and president, Boston Scientific, endoscopy. “We expect the acquisition to expand our leadership into new categories in the endoscopy market, and to drive strong, continued growth of our endoscopy business.”
Mark Gilreath, founder and chief executive officer, EndoChoice, said, “The combination of our broad portfolio of products and services for the gastroenterology physician, with the complementary products and large global infrastructure of the Boston Scientific endoscopy business, creates an enhanced growth platform for both businesses, and delivers immediate value for our shareholders.”
Shares of Medtronic PLC (NYSE:MDT) ended Tuesday session in green amid volatile trading. The shares closed up +0.54 points or 0.63% at $86.67 with 3.72 million shares getting traded. Post opening the session at $86.16, the shares hit an intraday low of $85.73 and an intraday high of $86.78 and the price vacillated in this range throughout the day. The company has a market cap of $119.77 billion and the numbers of outstanding shares have been calculated to be 1.38 billion shares.
Medtronic PLC (MDT) on September 26, 2016 announced U.S. Food and Drug Administration (FDA) clearance of StealthStation® Cranial Software as an aid for deep brain stimulation (DBS) lead placement. The software is fully integrated with Medtronic`s latest O-arm® Imaging System, providing clinicians with a complete procedural solution for the planning and placement of DBS leads. The announcement was made at the Congress of Neurological Surgeons (CNS) in San Diego.
With Medtronic`s DBS Therapy, a small, pacemaker-like device called a neurostimulator is implanted under the skin of the chest and sends electronic signals to an area in the brain that controls movement. Thin wires – called leads – are implanted in the brain and are connected to the neurostimulator by an extension to enable the signals to reach the source of symptoms. The new StealthStation application, which integrates pre-operative planning, intraoperative imaging and technologies to help guide surgeons during cranial procedures, is designed to improve procedural workflow and allow for DBS lead placement with a high level of accuracy.
“The new StealthStation software works seamlessly with O-arm to give me a single solution for pre-operative planning and real-time 3D imaging of the brain in the OR, and that streamlines my workflow for DBS lead placement,” said Dr. Jonathan Carlson, MD, PhD, a neurosurgeon at Providence Spokane Neuroscience Institute in Spokane, Wash. “Now I have the essential information I need in one place, giving me – and my patients – even more confidence in the procedure.”