Boston Scientific Buys Local Med Device Co. BridgePoint
Natick, Massachusetts-based Boston Scientific Corporation, which employs nearly 8,000 people in Minnesota, said Wednesday that it has agreed to purchase Plymouth-based BridgePoint Medical, Inc.
Financial terms of the deal, which is expected to close in the fourth quarter of this year, were not disclosed.
Privately held BridgePoint has developed a proprietary, catheter-based system to treat coronary chronic total occlusions (CTOs), complete blockages of the coronary artery. BridgePoint’s system—which comprises the CrossBoss CTO Crossing Catheter and the Stingray CTO Re-Entry System—essentially allows doctors to navigate around a blockage and restore blood flow to critical areas of the heart. The system has received regulatory approval in both Europe and the United States.
Historically, physicians have treated CTOs with bypass surgery. But BridgePoint’s devices create a pathway that allows doctors to use angioplasty and stents, which are less invasive.
“Complete arterial blockages pose a major challenge in the treatment of coronary artery disease, and this CTO system gives physicians an important treatment option in these difficult cases,” Marty Leon, a doctor and the director of the Center for Interventional Vascular Therapy at New York-Presbyterian Hospital/Columbia University Medical Center in New York City, said in a statement. “Many of these patients would have previously been referred for bypass surgery, typically requiring weeks of recovery. Now, many of them are able to go home within 24 hours.”
Boston Scientific CEO Hank Kucheman said in a prepared statement that the acquisition will position his company as “the leader in CTO technologies across the cardiovascular system.”
He added: “We look forward to welcoming the outstanding team at BridgePoint Medical to Boston Scientific. The acquisition of BridgePoint Medical is expected to build upon our rich product portfolio in cardiology and represents an important part of our growth strategy in this critical market.”
Boston Scientific develops, manufactures, and markets medical devices that are used in a broad range of medical specialties. The company said that the acquisition of BridgePoint will have an inconsequential impact on its 2012 and 2013 earnings and be “modestly accretive” in 2014 and beyond. The company’s 2011 revenue totaled $7.6 billion.
BridgePoint was founded in 2007. Denis Harrington, who became its CEO in March 2011, left Boston Scientific to join the company. BridgePoint’s small group of investors includes Minnesota entrepreneur Michael Berman, who has cofounded and/or served on the board of close to a dozen medical device companies.