Medical device manufacturer Boston Scientific has agreed to acquire portfolio company IoGyn, the US-based developer of a system for the removal of fibroids and polyps, for $65m.
Boston Scientific held a 28% stake in IoGyn, together with about $8m in notes receivable. The $65m will be used to acquire the remaining equity and pay off outstanding debt.
IoGyn previously raised $5m in August 2012, according to an SEC filing, though the company has not disclosed the investors in that round. The deal will involve IoGyn’s Symphion System being paired with Boston Scientific technology for a more expansive set of gynecologic surgery products.
“IoGyn offers minimally-invasive approaches that we believe are more cost-effective for patients, surgeons and the healthcare system,” said Karen Prange, president of Boston Scientific’s Urology and Women’s Health division. “This new technology platform is designed to address unmet patient and physician needs, and we believe it represents a truly differentiated improvement compared to existing technologies in the fast-growing hysteroscopic fibroid removal market segment.