Neovasc and Boston Scientific Reach US$75 Million Agreement
- Boston Scientific acquires tissue processing capabilities and takes equity stake in Neovasc -
VANCOUVER, Dec. 2, 2016 - Neovasc Inc. ("Neovasc" or the "Company") (NASDAQ:NVCN - News) (TSX:NVC.TO - News) today announced that Boston Scientific Corporation (NYSE:BSX - News), a global medical technology leader, has agreed to acquire Neovasc's tissue processing technology and facility for approximately US$67,909,800. Concurrently, Boston Scientific has committed to invest an additional US$7,090,200 in Neovasc for a 15% equity interest in the Company.
"Boston Scientific has been a long-term customer of Neovasc, having historically represented a sizeable percentage of our tissue processing revenues," commented Neovasc CEO, Alexei Marko. "As one of the world's premier device companies, with a global cardio-vascular franchise, this investment in Neovasc enables continued development of our lead products, Reducer and Tiara, and strengthens our resolve to revolutionize how structural heart disease is treated."
Under the terms of the equity investment, Boston Scientific has agreed to purchase 11,817,000 common shares in the capital of Neovasc (the "Common Shares") at a price of US$0.60 per Common Share, for gross proceeds of US$7,090,200, subject to required regulatory approvals, including approval of the Toronto Stock Exchange.
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