Boston Scientific takes over Bayer's vascular disease business for €300m
2 September 2014
Boston Scientific Corporation and Bayer Healthcare have announced the closure of the previously announced agreement for Boston Scientific to purchase the Interventional business of Bayer Healthcare.
The acquisition enhances the ability of Boston Scientific to offer a more complete portfolio of solutions to treat challenging vascular diseases such as blocked arteries and veins.
The total consideration for the transaction, including fees for transitional services, is US$415 million (about €300 million). Bayer HealthCare says the sale allows its Medical Care division to concentrate on innovation and growth in radiology and diabetes care, where the business already has a strong presence. Bayer’s Interventional business accounted for approximately US$120 million in sales in 2013.
Boston Scientific says the acquisition supports its strategy to provide a comprehensive portfolio of leading solutions to treat peripheral vascular disease. The transaction includes the AngioJet Thrombectomy System and the Fetch 2 Aspiration Catheter, which are used in endovascular procedures to remove blood clots from blocked arteries and veins, and the JetStream Atherectomy System, used in an innovative and fast-growing therapy to remove plaque and thrombi from diseased arteries.
"We look forward to welcoming the Bayer Interventional team to Boston Scientific, and we are confident that the addition of its innovative technologies will help us bring unique value to healthcare systems worldwide," said Jeff Mirviss, president, Peripheral Interventions, Boston Scientific.
"Physicians who perform endovascular procedures encounter a variety of challenging conditions and require a broad-range of tools to treat these difficult disease states. The inclusion of the leading thrombectomy device and a differentiated atherectomy technology adds meaningful breadth to our product portfolio and will allow us to help physicians save the lives and limbs of more patients worldwide."
The company expects the transaction to be immaterial to adjusted earnings per share in 2014, accretive by approximately $.01 in 2015 and increasingly accretive thereafter. On a GAAP earnings per share basis, the company expects the transaction to be slightly dilutive in 2014, immaterial in 2015, and less accretive than on an adjusted earnings per share basis thereafter as a result of acquisition-related net charges and amortization, which will be determined following the closing.