Boston Scientific Corp. will acquire the Interventional Division of Bayer AG for $415 million in cash, including fees for transitional services. The company expects to close the transaction in the second half of 2014, subject to customary closing conditions. The move is expected to increase Boston Scientific’s portfolio of solutions to treat peripheral vascular disease, including the growing atherectomy and thrombectomy categories.
“We expect this acquisition will help fuel continued growth for the company and we are looking forward to welcoming the team from Bayer Interventional to Boston Scientific,” says Mike Mahoney, president and chief executive officer, Boston Scientific. “These technologies help physicians save both limbs and lives, and we believe this transaction will enable us to reach more effectively the greater than 27 million patients worldwide who suffer from the debilitating effects of peripheral vascular disease.”
Upon completion of the transaction, Bayer Interventional will become part of the existing Boston Scientific Peripheral Interventions business.
“The addition of Bayer Interventional will expand our commercial footprint and enhance our ability to provide physicians and healthcare systems with a complete portfolio of solutions to treat challenging vascular conditions,” says Jeff Mirviss, president, Peripheral Interventions, Boston Scientific. “We believe this acquisition will accelerate the growth of our Peripheral Interventions business and strengthen our position as a global leader in peripheral therapies.”
Based near Minneapolis, Minn., Bayer Interventional has approximately 350 employees and offers a number of technologies designed to treat coronary and peripheral vascular disease. The transaction includes the AngioJet Thrombectomy System and the Fetch 2 Aspiration Catheter, which use endovascular techniques to remove blood clots from blocked arteries and veins, and the JetStreamAtherectomy System, a minimally invasive device used to remove plaque from diseased peripheral arteries.
“We are confident that the planned sale of AngioJet, Jetstream, and Fetch2 is a positive step for the long-term sustainability of these products given Boston Scientific’s strong position in devices for peripheral and cardiovascular diseases,” says Alan Main, president of Bayer HealthCare’s Medical Care Division and member of the Bayer HealthCare Executive Committee.
Boston Scientific is based in Natick, Mass.
Release Date: May 15, 2014
Source: Boston Scientific