Upon pricing its landmark IPO on Euronext Paris led by Sole Global Coordinator Bryan, Garnier & Co, Symetis is acquired by Boston Scientific for USD 435 million
Having completed its IPO roadshow, closed books, and established the official IPO price, Symetis, the leading European structural heart player, received a definitive, all-cash offer from Boston Scientific to purchase the Company
PARIS, March 30th, 2017 – Bryan, Garnier & Co, as Sole Global Coordinator, advised Symetis 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 on its landmark Euronext Paris IPO and subsequent preemptive bid from Boston Scientific. Symetis and Boston Scientific announced that they reached a USD 435 million purchase agreement wherein Boston Scientific will acquire Symetis in an all-cash, up-front payment with the transaction closing in the second quarter of 2017.
Symetis is an emerging European champion in structural heart and the European leader in the USD 2.0Bn TAVI (Transcatheter Aortic Valve Implantation), one of the largest and fastest growing segment in medtech in the last decade. The TAVI market is expected to reach USD 4.0Bn by 2020 and USD 5.0Bn by 2025.
Founded in 2001, Symetis specializes in the development, manufacturing and marketing of percutaneous heart valve replacement solutions for the treatment of severe cardiac valve conditions. The Company’s products, ACURATE TA™ and ACURATE neo/TF valves, and their delivery systems are based on proprietary design and delivery technologies and are marketed and sold in key markets in Europe and in other geographies. Symetis’ innovative TAVI solutions are recognized by intervention cardiologists and surgeons for their clinical performance and ease of use.
Growing at a strong and sustained CAGR of 55% since 2012, the company generated revenues of CHF 38.4 million in 2016.
Following its postponed IPO, back in September 2015 on the SIX Exchange, Symetis decided to migrate to a Euronext Paris listing, renowned for its deep mid-cap investor community and familiarity with Healthcare investing, notably medtech. This new IPO process was led by Bryan, Garnier & Co, acting as Sole Global Coordinator.
The IPO roadshow and bookbuilding officially commenced on March 20th, 2017 and ended on March 28th, 2017 evening. The bookbuilding period was very successful, as Bryan, Garnier & Co and the banking syndicate generated a high level of demand from high-quality tier-1 investors across Europe and the US. Upon pricing the IPO, Symetis received a definitive all-cash offer from Boston Scientific to acquire the Company which upon deliberation, Symetis shareholders decided to accept.
The global scale and strong legacy of Boston Scientific in interventional cardiology will further propel Symetis’ clinical excellence enabling more patients to be better treated for valvular heart disease globally and an exciting development path for the Symetis team.
Jacques Essinger – CEO of Symetis commented: “The Bryan, Garnier & Co team demonstrated exceptional commitment and focus throughout the entire IPO process, providing us with best-in-class execution, including the marketing efforts, positioning, timing, investor access, and levels of demand and over-subscription. They completely immersed themselves into our business and developed a deep understanding of the many details that allow Symetis to beat the much larger competition in TAVI, and then leveraged this knowledge to bring in high quality investors across Europe and the US into the IPO. This team is the team in Europe for small mid-cap corporate finance.”
Olivier Garnier – Managing Partner of Bryan, Garnier & Co added: “We are delighted to have assisted Symetis in this new development which will allow the company to extend its reach and expand the treatment offerings for patients with aortic valvular heart disease worldwide. We are proud to back one of the fastest growing medtech companies in Europe. Symetis exemplifies the fast growing healthcare companies Bryan, Garnier & Co aims to accompany in their various corporate developments.”
Sole Global Coordinator & Advisor, Bryan, Garnier & Co
Key Contacts
Olivier Garnier, Founder and Managing Partner
Pierre Kiecolt-Wahl, Managing Director, ECM
About Symetis
Symetis, founded in 2001, 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. Symetis’ products, ACURATE TA™ and ACURATE neo/TF, and their delivery systems are based on proprietary design and delivery technologies and are marketed and sold in key markets in Europe and in other geographies. Symetis’ innovative TAVI solutions are recognized by intervention cardiologists and surgeons for their clinical performance and ease of use. Growing at a strong and sustained CAGR of 55% since 2012, the company generated revenues of CHF 38.4 million in 2016. Symetis is a Swiss company with corporate headquarters in Ecublens, Switzerland and its products are produced in Switzerland and Brazil.
About Bryan, Garnier & Co
Bryan, Garnier & Co is a European, full service growth-focused independent investment banking partnership founded in 1996. The firm provides equity research, sales and trading, private and public capital raising as well as M&A services to growth companies and their investors. It focuses on key growth sectors of the economy including Technology, Media, Telecoms, Healthcare, Smart Industries, Specialty Retail and Business Services. Bryan, Garnier & Co is a fully registered broker dealer authorized and regulated by the FCA in Europe and the FINRA in the U.S. Bryan, Garnier & Co is headquartered in London, with additional offices in Paris, Munich, Geneva, New York and New Delhi. The firm is a member of the London Stock Exchange and Euronext.