Boston Scientific Acquires Silk Road Medical for $1.16 Billion in Cash

Boston Scientific Corporation (BSX) on June 18, 2024, entered into a deal to acquire medical device maker Silk Road Medical, Inc. (SILK) for $1.16 billion.

Details of the Agreement:

As per the agreement, Silk Road Medical will be acquired by Boston Scientific for $27.50 per share in cash, representing a premium of 26.9% from the stock’s last close.

Company Profile:

Silk Road Medical, based in Sunnyvale, California, and Plymouth, Minnesota, pioneers the TransCarotid Artery Revascularization (TCAR) procedure, which combines neuroprotection and minimally invasive techniques to treat carotid artery blockages and reduce stroke risk.

Carotid artery disease, responsible for one-third of all strokes, occurs when plaque buildup narrows or blocks the carotid arteries in the neck. Treatment options for carotid artery disease include medical therapy, stent placement, or surgery, with the TCAR procedure involving a small neck incision to reverse blood flow, prevent stroke, and place a stent for long-term plaque stabilization.

Boston Scientific, a medical technology company with over 40 years of experience, develops devices and therapies to help treat complex diseases, improve patient health, and lower healthcare costs.

Boston Scientific’s past acquisitions include EndoChoice Holdings, Inc. in 2016 for $210 million and Axonics, Inc. (AXNX) in the beginning of 2024 for $3.17 billion.

Deal Details and Timeline:

Boston Scientific will add the TCAR technology to its vascular portfolio through this acquisition.

Approved by the FDA in 2015, Silk Road Medical’s TCAR system, supported by clinical studies showing reduced stroke risk, is the only commercially available device for this procedure.

Silk Road’s current EV/Sales (TTM) ratio is 4.12, above the sector median of 3.64.

The companies expect to complete the merger in the second half of 2024.

Deal Metrics:

For more in-depth information regarding this merger and acquisition, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of Silk Road Medical, Inc. (SILK) by Boston Scientific Corporation (BSX)

Each Deal Metrics page for mergers or acquisitions includes:

• A spread history chart tracing the merger from its announcement through completion or failure.
• A timeline of events, including the HSR period expiration, regulatory approvals, shareholder votes, etc.
• A collection of news and SEC filings related to the deal.
• A history of deal updates.
• And much more.

Disclaimer: The content provided in this article is for informational purposes only. We do not warrant the completeness or accuracy of the data or content provided herein. Please conduct your own due diligence before buying or selling any securities mentioned in this article.

Editor’s Note: Baranjot Kaur contributed to this article