After an acquisitive 2021, Boston Scientific has been relatively quiet this year on the M&A front. However, the Marlborough, MA-based company just announced an agreement to buy a majority stake (about 64%) in M.I. Tech.

Based in Korea, M.I. Tech makes medical devices for endoscopic and urologic procedures. The company also developed the Hanarostent technology, a family of conformable, non-vascular, self-expanding metal stents, which Boston Scientific has distributed in Japan since 2015.

The agreement is valued at about $230 million at current exchange rates, subject to closing adjustments, Boston Scientific noted.

Non-vascular gastrointestinal and airway stents are used to help clear occlusions or strictures in various areas of a patient's anatomy, including the biliary tree, pancreatic duct, esophagus, colon, and duodenum. In many cases, stent placement is minimally invasive and may aid faster patient recovery compared to surgery. The Hanarostent technology features a unique hook-cross nitinol design intended to provide a natural and flexible fit within a patient's anatomy, as well as flared ends to help prevent stent migration.

"M.I.Tech is an innovator in non-vascular stent development, with product offerings that complement our existing stent portfolio, including the differentiated Axios stent and Electrocautery Enhanced Delivery System and the flexible and conformable Agile esophageal stent system," said Art Butcher, executive vice president and group president, MedSurg and Asia Pacific, at Boston Scientific. "We are committed to investing in technologies that advance care for patients around the world and are eager to work more closely with M.I.Tech to expand their international footprint."

The company expects to complete the transaction in the second half of 2022, subject to customary closing conditions. The impact to GAAP and adjusted earnings per share is expected to be immaterial in 2022.

"We think this investment is reasonable, as it gives [Boston Scientific] the opportunity to complement its non-vascular stent portfolio and bolster its international presence," said Marie Thibault, a medtech analyst at BTIG.

Last year, Boston Scientific announced five acquisitions, including a 1.75 billion acqusition of Baylis Medical. The companies other 2021 acquisitions included Preventice Solutions for $925 million; Farapulse for $295 million; Lumenis for $1.07 billion; and Devoro Medical for $269 million.