Boston Scientific Buys Mass. Division Of N.J. Firm
Boston Scientific of Natick has agreed to buy the Lowell-based electrophysiology business of C.R. Bard for $275 million in cash, the company announced today.
The acquisition of Bard EP, expected to close in the second half of the year, would significantly boost Boston Scientific's (BSX) capabilities in the fast-growing market for advanced electrophysiology procedures, the company said. BSX said electrophysiology is a $2.5-billion global market that's growing at nearly 10 percent annually.
C.R. Bard, the parent company, is based in Murray Hill, N.J., and made nearly $3 billion in net sales in 2012.
"We believe the innovation and global reach that Bard EP delivers will meaningfully advance our position in this fast-growing market, enabling us to more effectively serve the needs of patients who suffer from cardiac arrhythmias," said Mike Mahoney, president and chief executive officer of BSX.
Bard EP would become part of the existing Boston Scientific EP business within the company's Rhythm Management unit, the company said.
The division has nearly 180 employees globally and offers a comprehensive portfolio including advanced therapeutic catheters, diagnostic catheters, electrophysiology recording systems and intra-cardiac access devices. The unit generated sales of $111 million in 2012, the BSX statement said.
Boston Scientific said it expects this transaction to have no material impact on adjusted earnings per share this year this year, and add about 1 cent per share in 2014.
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