Symetis looks back to an eventful history: The company was founded in 2001 as a spin-off from ETH Zurich. In 2006 however Symetis started a second time with a new technology and moved from Zurich to Lausanne. In 2015 an IPO at the Swiss Exchange was announced and later postponed. A month ago Symetis announced again plan to go public, this time at Euronext. This IPO will also not take place. Symetis will be acquired by Boston Scientific for almost half a billion Dollars in cash.
Symetis is a medical technology company specializing in the development, manufacturing and marketing of percutaneous heart valve replacement solutions for the treatment of severe cardiac valve conditions. Growing at a strong and sustained CAGR of 55% since 2012, the company generated revenues of CHF 38.4 million in 2016.
The acquisition of Symetis by Boston Scientific will allow the company to extend its reach and expand the treatment offerings for patients with aortic valvular heart disease worldwide. The combination of Symetis' ACURATE valves with the Boston Scientific Lotus™ valve platform, will also enable interventional cardiologists and cardiac surgeons to address varying patient pathologies and anatomies with two complementary and compelling technologies.
Jacques R. Essinger, Ph.D. and CEO, Symetis, commented "Over the past years, Symetis matured into a TAVI (Transcatheter Aortic Valve Implantation) player with fast growth and a solid clinical reputation. The IPO that we were pursuing until yesterday on Euronext Paris was meant to give Symetis the means to commercially expand beyond Europe and to further grow into the exciting field of structural heart. We are very pleased by the positive response we received from the investment community, which we want to thank for the interest it has shown in Symetis. However, as of today, the company is taking another path by joining Boston Scientific. The global scale and strong legacy of Boston Scientific in interventional cardiology will further propel Symetis' clinical excellence. As a result, we can expect more patients to be better treated for valvular heart disease globally. Moving forward, this means an exciting development path for the Symetis team."
Dominik Ellenrieder, Symetis' Chairman, added "Growing at a strong and sustained CAGR of 55% since 2012, Symetis is a success story in the structural heart market. This purchase agreement is a recognition of Symetis' research and development track record in addressing patients' needs with innovative structural heart technologies, the company's manufacturing expertise and its strong relationships with doctors and healthcare professionals. We are excited about the strong potential of our combined strengths to set a new standard in the TAVI market with a broad and clinically differentiated offering."
Following the purchase agreement reached with Boston Scientific, the IPO launched on 20 March 2017 by Symetis on Euronext Paris, very well received by the investment community and which was originally expected to be completed on 31 March 2017, has been halted. The acquisition of Symetis by Boston Scientific is projected to close during the second quarter of 2017, subject to customary closing conditions.
Image: yodiyim, fotolia.com