Marlborough medical device manufacturer Boston Scientific Corp. has entered into an agreement to sell its BTG Specialty Pharmaceuticals business for $800 million in cash.
The business will be sold to Stark International Lux S.A.R.L., and SERB SAS, affiliates of SERB, a European specialty pharmaceutical group, according to a release from Boston Scientific. The definitive agreement is expected to close in the first half of 2021.
The agreement includes the transfer of five facilities and approximately 280 employees globally from the business manufacturing antidotes used in hospitals and emergency care settings.
BTG Specialty Pharmaceuticals was a portion of United Kingdom-based BTG, which Boston Scientific bought in 2019 for $3.7 billion in cash. The company has now divested the two BTG non-medical device portions, according to the release, for more than $1 billion in net proceeds.
“We continue to be very pleased with the performance of the core interventional medicines business, the primary driver of the BTG acquisition, which has delivered strong growth and is expected to exceed our original goal of $175 million in synergies,” said Jeff Mirviss, executive vice president and president for Peripheral Interventions at Boston Scientific in a statement.
The sale comes amid ongoing difficulties for the company, including a recall estimated to cost the company up to $450 million and a $48-million loss in the third quarter of the year.Â
