Boston Scientific to acquire medical device specialists focused on stroke prevention for $1.2B
Boston Scientific has agreed to acquire Silk Road Medical, a California-based medical device company focused on designing new stroke treatments, for approximately $1.16 billion. The final purchase price broke down to $27.50 per share, a 38% premium compared to Silk Road Medical’s volume-weighted average stock price over the last two months.
Silk Road Medical is known for developing transcarotid artery revascularization (TCAR), a new minimally invasive procedure intended to reduce the risk of stroke in patients with carotid artery disease. During TCAR, an interventional cardiologist accesses the patient’s carotid artery through a small incision in their neck and then temporarily reverses blood flow away from the brain. A stent is then implanted into the patient to provide long-term stabilization and reduce the long-term risk of stroke.
The Silk Road Medical TCAR system gained U.S. Food and Drug Administration approval in 2015 based on data from multiple clinical trials. The TCAR system and related devices represent the only technology on the market currently being used to guide and perform TCAR procedures.
“The TCAR platform developed by Silk Road Medical is a notable advancement in the field of vascular medicine, which has revolutionized stroke prevention and the treatment of carotid artery disease,” Cat Jennings, Boston Scientific’s president of vascular and peripheral interventions, said in a prepared statement. “We believe the addition of this clinically differentiated technology to our vascular portfolio demonstrates our continued commitment to provide meaningful innovation for physicians who care for patients with peripheral vascular disease.”
Boston Scientific and Silk Road Medical expect to finalize this acquisition by the end of 2024. At that point, Silk Road Medical will be a whole-owned subsidiary of Boston Scientific.
Michael has more than 16 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.