Announces 1.5 Bn investment in MiRus TAVR w purchase optionality; Also announced

研报英文原文证据摘录

Announces 1.5 Bn investment in MiRus TAVR w purchase optionality; Also announced

Flash Note Health Care | Medical Supplies & Devices

May 18, 2026

Boston Scientific Corporation Vijay Kumar Kevin Joaquin 212-653-9033 212-446-9493

BSX | $52.68 Vijay.Kumar@EvercoreISI.com kevin.joaquin@evercoreisi.com

Outperform | Target Price/Base Case: $78.00 Nicholas Whalen, CFA Daniel Markowitz

Commentary 646-225-6027 212-812-2936

Nicholas.Whalen@evercoreISI.com Daniel.Markowitz@evercoreISI.com

Announces 1.5 Bn investment in MiRus TAVR w purchase optionality; Also

announced 2Bn ASR (repo was announced on 1Q call)

Today, BSX announced a strategic investment in MiRus, a private company developing solutions for cardio and

ortho diseases. Please see below for details and our takes.

Transaction Details:

• BSX invested $1.5B in MiRus for ~34% equity stake

o Agreement includes an exclusive option to acquire the MiRus TAVR system for up to $3B

o MiRus would be eligible for sales-based milestone payments

o Expect to finance investment with mix of cash on hand and short-term borrowings (to repay 2H26)

• BSX expects to de-leverage back to gross debt/EBITDA of 2.25-2.5x within 12-18mos of close

of PEN

• BSX also received an option on MiRus mitral and tricuspid replacement valve assets for additional payments

• Immaterial to adjusted EPS in 2026

MiRus & SIEGL TAVR System Background:

• SIEGEL is a balloon expandable TAVR system, treats severe aortic stenosis (investigational device, not yet

approved)

• Valve uses a nitric oxide-coated rhenium alloy frame (radial strength greater than cobalt or titanium; designed

as first nickel-free balloon-expandable TAVR system) and incorporates dry porcine tissue leaflets

• Valves are sized at 23mm, 26mm and 29mm and can be delivered through 8Fr expandable sheath