Silk Road Medical's stock rallies on Boston Scientific acquisition deal

By Steve Gelsi

Boston Scientific to pay double-digit premium to buy carotid-artery-disease treatment specialist.

Silk Road Medical Inc.'s stock was up 24% on Tuesday after it agreed to be acquired by Boston Scientific Corp. for $27.50 a share.

The deal values the Sunnyvale, Calif.-based medical device company (SILK) at just under $1.2 billion.

The price of $27.50 a share to be paid by Boston Scientific (BSX) amounts to a 27% premium over the closing price of $21.67 a share on Monday for Silk Road Medical's stock.

Boston Scientific said Silk Road Medical offers "an innovative platform of products to prevent stroke in patients with carotid artery disease."

Boston Scientific's stock rose about 0.1% .

Silk Road's board has approved the transaction and recommends shareholders approve the deal, which is expected to close by December.

Boston Scientific said Silk Road Medical is expected to generate up to 12% revenue growth this year - or up to $198 million.

The acquisition will start adding to Boston Scientific's earnings in 2026, the company said.

-Steve Gelsi

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06-18-24 1051ET

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