Medical device manufacturer Boston Scientific agreed yesterday to acquire Switzerland-based heart valve replacement technology provider Symetis in a $435m all-cash deal that will provide an exit to pharmaceutical firm Novartis.
Founded in 2001, Symetis develops and manufactures percutaneous heart valve replacement products to treat severe cardiac valve conditions. Boston Scientific will add the company’s valves to the range of aortic valvular heart disease treatments it provides through its Lotus platform.
The company filed for a €55.8m ($59.6m) initial public offering on Euronext Paris last week which has now been cancelled.
Symetis had raised $56.7m between 2004 and 2010, including $21.3m in a 2009 series B round co-led by Wellington Partners and Vinci Capital-Renaissance that included Novartis subsidiary Novartis Venture Funds.
Banexi Venture Partners, Aravis Venture, BioMedInvest and Truffle Capital also took part in the series B round, and all the participants returned for a $25.8m series C in 2010 that was co-led by Endeavour Vision and NBGI Ventures.
Switzerland-based telecommunications company Swisscom will also technically exit Symetis through the deal, as the Swiss SME Fund operated by its Swisscom Ventures unit is managed by Vinci Capital.
Jacques R. Essinger, chief executive of Symetis, said: “The global scale and strong legacy of Boston Scientific in interventional cardiology will further propel Symetis’ clinical excellence.
“As a result, we can expect more patients to be better treated for valvular heart disease globally. Moving forward, this means an exciting development path for the Symetis team.”