BSX to acquire Bayer division for $415M
On the heels of its recently announced acquisition of IoGyn Inc., Natick-based pharmaceutical company Boston Scientific Corp. (BSX) announced it will acquire the Interventional Division of Bayer AG for $415 million in cash.
The acquisition of Bayer Interventional, which generated sales of approximately $120 million in 2013, is expected to improve Boston Scientific's access to a number of attractive segments in the growing peripheral vascular disease categories, BSX said.
"We expect this acquisition will help fuel continued growth for the company,” President and CEO Mike Mahoney said in a statement. "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."
BSX said it expects to close the deal in the second half of the year. The company currently expects the transaction to be immaterial to adjusted earnings per share in 2014, accretive by approximately $.01 in 2015 and increasingly accretive thereafter, it said.
Upon completion of the transaction, Bayer Interventional which has approximately 350 total employees at the division’s location based near Minneapolis , will be rolled into existing BSX Interventions business.
The Bayer deal represents the third announced or completed acquisition within the last year for BSX. In 2013, the company bought a division of the Lowell-based electrophysiology business of C.R. Bard.
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