MARLBOROUGH, Mass. and SUZHOU,
China, April 14, 2015 /PRNewswire/ -- Boston Scientific
Corporation (NYSE: BSX), a leading global medical device company,
announced the signing of a strategic alliance with Frankenman
Medical Equipment Company, a recognized leader with deep local
market expertise in the China
surgical devices market. This alliance is expected to enable Boston
Scientific and Frankenman to reach more clinicians and treat more
patients by providing access to training on less invasive
endoscopic technologies and the clinical and economic benefits
these therapies can provide. CPEChina Fund, an entity of CITIC PE,
is a current shareholder of Frankenman and will continue to support
the company's growth in alignment with this strategic
partnership.
"Each year, more than one million bile duct stone removal
procedures in China are performed
as open surgeries. While less invasive endoscopic procedures
can lead to better patient outcomes and reduced health care costs,
access to these procedures is extremely limited," said Warren Wang, managing director and vice
president, Greater China, Boston
Scientific. "We are excited to cultivate this relationship
and leverage Frankenman's local market expertise in China, while simultaneously sharing our
proficiency in the endoscopy market to deliver the improved patient
outcomes and economic benefits of less invasive care."
Under the terms of the agreement, Boston Scientific will become
a shareholder of Frankenman, and provide services and expertise to
Frankenman to support its continued growth, development pipeline
and manufacturing capabilities. The companies have agreed to work
together to develop and manufacture products in China to better serve the unique needs of the
Chinese market, as well as jointly commercialize selected products
in China.
"We are excited to collaborate with Boston Scientific, a global
medical technology leader, and ensure patients and physicians in
China will have access to the
minimally invasive solutions," said Weng
Zhiqiang, founder and chairman, Frankenman Medical Equipment
Company. "The support from Boston Scientific will help Frankenman
further accelerate its development and penetration of the
market."
The transaction is expected to close in the first half of 2015,
subject to customary closing conditions.
About Frankenman Medical Equipment Company
Frankenman
is a private company headquartered in Suzhou, China. The
company was established in 2003 and is the local market leader in
surgical staplers. The company serves over 1000 hospitals in
China, with 200+ full-time and
contract employees, and has commercial operations in Europe, Other Asia, Latin America and Africa.
About Boston Scientific
Boston Scientific transforms
lives through innovative medical solutions that improve the health
of patients around the world. As a global medical technology
leader for more than 35 years, we advance science for life by
providing a broad range of high performance solutions that address
unmet patient needs and reduce the cost of healthcare. For
more information, visit www.bostonscientific.com and connect on
Twitter and Facebook.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements may be identified by words like
"anticipate," "expect," "project," "believe," "plan," "estimate,"
"intend" and similar words. These forward-looking statements
are based on our beliefs, assumptions and estimates using
information available to us at the time and are not intended to be
guarantees of future events or performance. These
forward-looking statements include, among other things, statements
regarding our business plans, the alliance with Frankenman Medical
Equipment Company, and product performance and impact. If our
underlying assumptions turn out to be incorrect, or if certain
risks or uncertainties materialize, actual results could vary
materially from the expectations and projections expressed or
implied by our forward-looking statements. These factors, in
some cases, have affected and in the future (together with other
factors) could affect our ability to implement our business
strategy and may cause actual results to differ materially from
those contemplated by the statements expressed in this press
release. As a result, readers are cautioned not to place
undue reliance on any of our forward-looking
statements.
Factors that may cause such differences include, among other
things: future economic, competitive, reimbursement and regulatory
conditions; new product introductions; demographic trends;
intellectual property; litigation; financial market conditions;
and, future business decisions made by us and our competitors.
All of these factors are difficult or impossible to predict
accurately and many of them are beyond our control. For a
further list and description of these and other important risks and
uncertainties that may affect our future operations, see Part I,
Item 1A – Risk Factors in our most recent Annual Report on
Form 10-K filed with the Securities and Exchange Commission, which
we may update in Part II, Item 1A – Risk Factors in
Quarterly Reports on Form 10-Q we have filed or will file
hereafter. We disclaim any intention or obligation to
publicly update or revise any forward-looking statements to reflect
any change in our expectations or in events, conditions, or
circumstances on which those expectations may be based, or that may
affect the likelihood that actual results will differ from those
contained in the forward-looking statements. This cautionary
statement is applicable to all forward-looking statements contained
in this document.
CONTACT:
Nisha Deo
508-683-5571(office)
408-893-9243 (cell)
Corporate Affairs & Communications
Boston Scientific Corporation
Nisha.Deo@bsci.com
Susie Lisa, CFA
508-683-5565 (office)
Investor Relations
Boston Scientific Corporation
investor_relations@bsci.com
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SOURCE Boston Scientific Corporation