Boston Scientific to acquire UK firm for $4.2B
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Boston Scientific is headquartered in Marlborough.
Boston Scientific is poised to acquire a U.K. firm for $4.2 billion, its largest acquisition since 2015.
The Marlborough medical device giant said Tuesday morning it has reached an agreement to acquire BTG plc., a cancer and vascular disease device firm.
Per the transaction, BTG shareholders would receive cash consideration of 840 pence per share, resulting in about $4.2 billion in U.S. money
The transaction is expected to close in the first half of 2019.
BTG specializes in interventional medicine, including several peripheral interventional product lines developed to target cancers of the kidneys, liver and other organs.
BTG’s EKOS Endovascular system within the company’s vascular portfolio was the first to be cleared by the U.S. Food and Drug Administration for the treatment of pulmonary embolism.
The company has a pharmaceutical business comprised of acute care antitotdes to treat exposure to certain medications and toxins.
"The acquisition of BTG and its rapidly growing peripheral interventional portfolio is an exciting extension of our category leadership strategy that will augment our capabilities in important areas of unmet need such as cancer and pulmonary embolism," Boston Scientific Chairmand and CEO Mike Mahoney said in a statement. "We are confident that the addition of these therapies to our portfolio will ultimately advance patient care in ways that could not be realized by either company alone, while also allowing us to realize substantial revenue and cost synergies and provide a strong return for investors."
Boston Scientific plans to pay for the transaction with a combination of cash and proceeds from debt financing.
The announcement of the deal comes just days after Boston Scientific announced a $150-million restructuring program to result in what it called a limited headcount reduction with new jobs in growth areas replacing cut jobs.
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