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On Wednesday, Boston Scientific Corporation (NYSE:BSX) agreed to acquire Bolt Medical, Inc., the developer of an intravascular lithotripsy (IVL) advanced laser-based platform for coronary and peripheral artery disease.
Cholesterol deposits often create narrowed arteries and may also have a buildup of calcium that can increase the complexity of potential treatments. Lithotripsy is a procedure in which a physician breaks up hardened masses such as calcium to help restore blood flow.
The Bolt IVL system is designed to use lithotripsy to fracture calcium by creating acoustic pressure waves inside a balloon catheter.
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The system also includes visible, directional emitters for consistent energy delivery in treating the calcified lesions.
Boston Scientific initially developed the concept for the Bolt IVL system, which helped establish Bolt Medical in 2019.
As a strategic investor in Bolt Medical, Boston Scientific has an equity stake of approximately 26%.
As a result, the transaction consists of an upfront payment of approximately $443 million for the 74% stake not yet owned and up to $221 million upon achievement of certain regulatory milestones.
On a 100% basis, before consideration of Boston Scientific’s current equity ownership in Bolt Medical, debt, and other closing adjustments, the transaction price consists of $600 million upfront and up to $300 million upon achievement of certain regulatory milestones.
Bolt Medical recently announced the completion and results of the RESTORE ATK and RESTORE BTK pivotal clinical trials investigating the Bolt IVL Above the Knee and Below the Knee systems for peripheral artery disease in patients with moderate to severely calcified lesions.
In December 2024, Bolt Medical received FDA approval to commence the global FRACTURE IDE clinical trial in the U.S., which is investigating the use of the Bolt IVL™ Coronary System for the treatment of coronary arterial disease with severely calcified lesions.
The deal is expected to be completed in the first half of 2025.
On an adjusted basis, the company expects the transaction to be slightly dilutive to adjusted EPS in 2025 and to offset via internal cost efficiencies and trade-offs.
On a GAAP basis, the transaction is expected to be more dilutive due to amortization expense and acquisition-related charges, except for a one-time gain to be recognized at closing associated with the company’s previously held equity interest in Bolt Medical.