Boston Scientific: Taking another big swing on TAVR

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Boston Scientific: Taking another big swing on TAVR

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Boston Scientific

Taking another big swing on TAVR

Maintain Rating: BUY | PO: 68.00 USD | Price: 54.64 USD

BSX investment in MiRus BEV TAVR valve 18 May 2026

This morning BSX announced a strategic investment in MiRus of $1.5bn in return for Equity

34% equity stake. MiRus is developing the SIEGEL balloon expandable TAVR platform

Travis Steed

which is built on a proprietary rhenium alloy and is nickel-free which allows for Research Analyst

differentiation from other BEV (see more below). BSX also received an exclusive option BofAS travis.steed@bofa.com

to acquire the MiRus TAVR system, subject to additional payments and the completion

Stephanie Elghazi

of certain milestones, which would be an additional $3bn. This would represent total Research Analyst

valuation of $4.5bn (a high price in our view). Our math suggests BSX needs to take BofAS stephanie.elghazi@bofa.com

about one-third of the US TAVR market to get this valuation to work (math below).We

Enjia Cao

maintain our Buy rating given BSX ability to compound eps. Research Analyst

BofAS

TAVR fits but it’s a bold higher risk deal for BSX enjia.cao@bofa.com Gracia Mahoney

A TAVR program fits well within BSX’s portfolio but the deal comes at a tough time for Research Analyst

investors when investors likely see buybacks as the higher return investment vs a $4.5bn BofASgracia.mahoney@bofa.com

valuation pre-clinical deal. We view this as a high risk / high reward investment that will Aidan Lahey

take years to play out. If successful, it could move BSX into a leading market position in Research Analyst

a growing TAVR market but there’s a lot of variables left to derisk at this stage. One BofASaidan.lahey@bofa.com