O’Melveny Worldwide

O’Melveny Advises Acotec Scientific on the First Takeover Offer to a Chapter 18A Biotech Company

February 13, 2023



BEIJING AND HONG KONG, FEBRUARY 13, 2023 — O’Melveny recently advised Acotec Scientific Holdings Limited (6669.HK) (“Acotec Scientific”) on the voluntary partial offer by Boston Scientific Group plc (“Boston Scientific”, a wholly-owned subsidiary of Boston Scientific Corporation (NYSE: BSX)) (the “Partial Offer”). The total consideration of the Partial Offer is approximately HK$4.07 billion (approximately US$520 million) in all cash. The Partial Offer was closed on February 9, 2023.

According to relevant financial media reports, the Partial Offer is the first takeover offer made to a biotech company listed under Chapter 18A of the Hong Kong Listing Rules. The Partial Offer is also reported to be the largest Hong Kong public M&A transaction in the Chinese medical industry since 2014.

As of the closing of the Partial Offer, Boston Scientific acquired an aggregate of 203,702,962 shares of Acotec Scientific, representing 65% of the issued share capital of Acotec Scientific, at the offer price of HK$20 per share. Acotec Scientific will maintain its listing status and continue to operate as an independent company, led by Ms. Jing Li.

Acotec Scientific is a leading medical device company in China which provides interventional solutions for areas such as vascular surgery, cardiology, nephrology, neurology and andrology. In 2021, O’Melveny represented Acotec Scientific in its HK$1.63 billion (approximately US$210 million) initial public offering and listing of shares on the Hong Kong Stock Exchange.

The O’Melveny team for this transaction was led by partners Ke Geng, Ke Zhu and Alan Bao, and counsel Wei Liu, with support from associates Edward Poon, Qianru Hong and Rita Deng, and legal consultant Chaoran Chen.

About O’Melveny

It’s more than what you do: it’s how you do it. Across sectors and borders, in board rooms and courtrooms, we measure our success by yours. And in our interactions, we commit to making your O’Melveny experience as satisfying as the outcomes we help you achieve. Our greatest accomplishment is ensuring that you never have to choose between premier lawyering and exceptional service. So, tell us. What do you want to achieve? Visit us at www.omm.com, hear what our lawyers, staff and clients have to say in Our DNA video series, or learn more in our firm at-a-glance, annual report, and on LinkedIn, Twitter, Facebook, Instagram, and YouTube.


Shannon Lynch
O’Melveny & Myers LLP
+1 212 326 2218

Chris Schob
O’Melveny & Myers LLP
+86 21 2307 7000

Related Industries
Related Regions