Boston Scientific sells microsphere biz for $90M ahead of $4.2B merger
Photo | TMS Aerial Solutions
Boston Scientific's Marlborough headquarters
Marlborough biomanufacturing firm Boston Scientific is selling its drug-loadable microsphere business to a California biotech firm for $90 million as it prepares to finalize a $4.2-billion acquisition of U.K.-based cancer and vascular disease firm BTG.
The business sold to Varian Medical of Palo Alto includes Boston Scientific’s drug-eluting and bland embolic microsphere business and products Oncozene, Embozene and Embozene Tandem, which generated $21.2 million in sales last year. The products treat arteriovenous malformations in the brain and spine and hypervascular tumors.
The products have clearances in more than 35 countries, Varian said in a statement, adding they will help bolster the firm’s oncology offerings.
The $90-million deal is expected to close after Boston Scientific completes the BTG acquisition, which has received clearance from regulators in Germany and Taiwan. Both are expected to close in August.
The $4.2-billion deal was announced in November, and BTG shareholders approved the transaction in March, the same month Boston Scientific closed on a $4.3-billion debt offering to help fund the acquisition.
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