Symetis and Boston Scientific reach USD 435 million purchase agreement
April 7, 2017
- Definitive purchase agreement whereby Boston Scientific will acquire Symetis for $435 million in an all cash, up-front payment
- Acquisition of Symetis will expand the treatment offerings for patients with aortic valvular heart disease
- Acquisition projected to close during the second quarter of 2017, subject to customary closing conditions
- Symetis’ IPO launched on Euronext Paris and very well received by the investment community, has been halted
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, today announced that it has agreed to be acquired by Boston Scientific for $435 million 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. We are very pleased by the positive response we received from the investment community, which we want to thank for the interest it has shown in Symetis. However, as of today, the company is taking another path by joining Boston Scientific. The global scale and strong legacy of Boston Scientific in interventional cardiology will further propel Symetis’ clinical excellence. As a result, we can expect more patients to be better treated for valvular heart disease globally. Moving forward, this means an exciting development path for the Symetis team.”
Dominik Ellenrieder, Symetis’ Chairman, added “Growing at a strong and sustained CAGR of 55% since 2012, Symetis is a success story in the structural heart market. This purchase agreement is a recognition of Symetis’ research and development track record in addressing patients’ needs with innovative structural heart technologies, the company’s manufacturing expertise and its strong relationships with doctors and healthcare professionals. We are excited about the strong potential of our combined strengths to set a new standard in the TAVI market with a broad and clinically differentiated offering.”
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’ innovative 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 CHF 38.4 million in 2016. Symetis is a Swiss company with corporate headquarters in Ecublens, Switzerland and its products are produced in Switzerland and Brazil.
About High-Tech Gründerfonds
High-Tech Gründerfonds (HTGF) is Germany’s most active seed stage investor. With EUR 576 million under management (EUR 272 million HTGF I, EUR 304 million HTGF II), we provide financing for technology-driven companies active in a wide range of fields, including robotics, IoT and energy, Medtech and Biotech, chemicals and software. The seed financing provided is designed to enable start-ups to take their ideas through prototyping and to market launch. We typically invest EUR 600,000 in the seed stage, but can provide up to EUR 2 million in total financing per company in follow-on financing rounds. Furthermore, start-ups benefit from our team’s experience and expertise as well as HTGF’s extensive network of investors, experts, managers and scouts. Investors in this public-private partnership include the German Federal Ministry of Economics and Energy, the KfW Banking Group and numerous strategic corporate investors, including ALTANA, BASF, Bayer, B. Braun, Robert Bosch, CEWE, Daimler, Deutsche Post DHL, Deutsche Telekom, Evonik, Innogy, Lanxess, media + more venture Beteiligungs GmbH & Co. KG, METRO, Qiagen, SAP, Tengelmann and Carl Zeiss.