Boston Scientific (NYSE: BSX) is to acquire Preventice Solutions, Inc., a company which offers a full portfolio of mobile cardiac health solutions and services, ranging from ambulatory cardiac monitors – including short and long-term Holter monitors – to cardiac event monitors and mobile cardiac telemetry.
The transaction – projected to close by mid-2021, subject to customary closing conditions – consists of an upfront cash payment of $925m, and up to an additional $300m in a potential commercial milestone payment.
Boston Scientific has been an investor in Preventice since 2015 and currently holds an equity stake of approximately 22%, which is expected to result in a net payment of approximately $720m upon closing and a milestone payment of up to approximately $230m.
This acquisition will provide Boston Scientific with a foothold in the ambulatory electrocardiography space.
Preventice recorded net sales of $158m in 2020 – a 30 % growth rate from the previous year.
Led by Jon Otterstatter, chief executive officer, Preventice provides a product portfolio that includes the BodyGuardian® family of remote, wearable cardiac monitors for adult and pediatric patients. The monitors use a fully-integrated, cloud-based platform supported by an independent diagnostic testing facility, where clinical technicians and artificial intelligence (AI) algorithms provide insights that may lead to improved clinical diagnoses and outcomes. Preventice’s integration of AI and human expertise is designed to enhance physician efficiency and experience.
The newest remote monitoring system within the Preventice BodyGuardian family, the BodyGuardian MINI PLUS, has multiple electrode options intended to enhance rhythm detection, is waterproof, repositionable and can be used in all modalities of short and long-term monitoring, as determined necessary by physicians. These remote monitoring systems are combined with BeatLogic® deep learning algorithms – a type of AI – that detect, classify and interpret variations in heart rhythm data with high beat detection sensitivity and positive predictive value.
Founded in 2007 as Preventice, Preventice Solutions is based in Minneapolis with offices in Houston and Rochester, Minn.
FinSMEs
22/01/2021