Boston Scientific (BSX) Acquisition presentation summary

Investment overview

• $1.5B investment secures approximately 34% equity in MiRus and an exclusive option to acquire its TAVR business.

• Option to acquire 100% of the TAVR business for an additional $3.0B, contingent on clinical and regulatory milestones.

• Additional payments to MiRus based on net sales and potential acquisition of mitral and tricuspid valve assets.

• Investment to be financed with cash and short-term borrowings, aiming to maintain credit ratings and de-leverage within 12-18 months.

• Strategic M&A remains a capital priority, with strong free cash flow of ~$4B expected in 2026.

MiRus technology and clinical development

• MiRus developed a novel, balloon-expandable TAVR device using a proprietary rhenium-based alloy (MoRe®), offering strength, fatigue resistance, and low metal ion release.

• SIEGEL™ M TAVR is the first nickel-free alloy valve with nitric oxide coating, designed for precise placement and reduced complications.

• STAR pivotal trial is enrolling up to 1,025 patients across all surgical risk categories, comparing SIEGEL™ M to commercial TAVR devices.

• Early feasibility studies showed strong 30-day results; pivotal data will support regulatory submissions in the U.S., EMEA, and Japan.

• Device features include zero foreshortening, small sheath size, and potential for lower pacemaker and vascular complication rates.

Strategic rationale and market opportunity

• SIEGEL™ TAVR's rhenium alloy enables precise valve placement, improved hemodynamics, and reduced vascular complications.

• TAVR market estimated at ~$7B globally in 2025, growing at high single digits.

• MiRus TAVR system's distinctive design differentiates it from current market offerings.

• Investment and exclusive option strengthen future structural heart portfolio.