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Latham & Watkins-advised Boston Scientific Corp. announced Tuesday its agreement to acquire medical device maker Silk Road Medical Inc., represented by Wilson Sonsini, for an enterprise value of approximately $1.16 billion.

Boston Scientific $1.16B Silk Road Deal : Acquisition Details

Boston Scientific revealed the agreed purchase price for Silk Road at $27.50 per share, marking a nearly 27% premium to its prior day closing price. Following the disclosure of the deal, Silk Road's stock surged about 24% to $26.90 per share on Tuesday.

Silk Road’s Medical Innovations

Silk Road Medical’s products focus on stroke prevention in patients with carotid artery disease—a condition where neck arteries become narrowed or blocked by plaque buildup. Their key procedure, transcarotid artery revascularization (TCAR), involves inserting a stent into the carotid artery to prevent plaque from dislodging or accumulating. The TCAR system received U.S. Food and Drug Administration approval in 2015.

Statements from Boston Scientific

"The TCAR platform developed by Silk Road Medical is a notable advancement in the field of vascular medicine, which has revolutionized stroke prevention and the treatment of carotid artery disease," said Cat Jennings, president of Vascular, Peripheral Interventions, at Boston Scientific, in a statement.

"We believe the addition of this clinically differentiated technology to our vascular portfolio demonstrates our continued commitment to provide meaningful innovation for physicians who care for patients with peripheral vascular disease," Jennings added.

Boston Scientific $1.16B Silk Road Deal : Closing and Approvals

Silk Road announced in a separate statement that the transaction is expected to close in the second half of 2024. The company’s board has unanimously approved the deal and recommends shareholder approval. Upon closing, Silk Road will become a wholly owned subsidiary of Boston Scientific.

Advisory Teams

Fried Frank is advising BofA Securities, the exclusive financial adviser to Silk Road, with a team that includes partners Philip Richter and Roy Tannenbaum. The Latham team representing Boston Scientific is led by corporate partners Julie Scallen and Ian Nussbaum, with support from benefits and compensation partner Josh Friedman, tax partner Nicholas J. DeNovio, life sciences regulatory partners Betty Pang and Elizabeth Richards, and data privacy partner Heather Deixler. Deal team information for the Wilson Sonsini Goodrich & Rosati PC team representing Silk Road was not immediately available.