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Boston Scientific (NYSE:BSX) announced today that it entered into a definitive agreement to acquire Preventice Solutions.
Minneapolis-based Preventice designs mobile health solutions and remote monitoring services for patients with cardiac arrhythmias. Its wearables include the PatientCare platform and BodyGuardian family of monitors.
Preventice’s BodyGuardian monitors use a fully-integrated, cloud-based platform for clinical technicians and AI algorithms to provide insights leading to improved clinical diagnoses and outcomes. The company’s BodyGuardian Mini Plus, the newest system in its portfolio, features multiple electrode options to enhance rhythm detection while it is also waterproof, repositionable and can be used in all modalities of short-term and long-term monitoring.
Marlborough, Mass.-based Boston Scientific’s acquisition of the company includes an upfront cash payment of $925 million with an additional $300 million available in a potential commercial milestone payment.
The company has been an investor in Preventice since 2015 and currently holds an equity stake of approximately 22%. Boston Scientific expects that equity stake to result in a net payment of approximately $720 million upon closing, plus a milestone payment of up to approximately $230 million.
Preventice brought in net sales of $158 million in 2020, marking 30% growth year-over-year, according to a Boston Scientific news release.
Filed Under: Business/Financial News, Cardiovascular, Diagnostics, Featured, Health Technology, Mergers & Acquisitions, Software / IT
Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor’s degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at firstname.lastname@example.org.
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