By Yifan Wang


Acotec Scientific Holdings Ltd. shares jumped on Monday, after Boston Scientific Corp. offered to acquire a majority stake in the Chinese medical-device maker.

The stock advanced by as much as 22% in Hong Kong morning trade and was last up 9.2% at HK$16.60 (US$2.13).

The rally came after Boston Scientific said it will make a partial offer to acquire up to 65% of Acotec's shares. The U.S.-based medical-device maker proposed a price of HK$20 a share, representing a total up-front cash payment consideration of about US$523 million, the two companies said in a joint statement Monday.

The deal, expected to be completed in the first half of 2023, would strengthen Boston Scientific's presence in China "and create the potential for commercialization of Acotec products globally," the U.S. company's Vice President Art Butcher said.

Acotec develops medical devices and technologies mainly used for vascular interventions.


Write to Yifan Wang at yifan.wang@wsj.com


(END) Dow Jones Newswires

12-11-22 2250ET