Boston Scientific To Acquire Bayer Interventional Device Business For $415 Million
By Jof Enriquez,
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Boston Scientific Corporation said recently that it is buying the vascular interventional device division of Bayer AG for $415 million in cash. The deal is expected to clear in the second half of the year, pending regulatory and antitrust considerations.
The transaction will fold Bayer Interventional’s cardiology and peripheral vascular disease product portfolio into the Boston Scientific Peripheral Interventions business. According to a Boston Scientific press release, the acquisition will allow the company to offer more peripheral vascular disease therapies, specifically in the growing thrombectomy and atherectomy segments.
“The addition of Bayer Interventional will expand our commercial footprint and enhance our ability to provide physicians and healthcare systems with a complete portfolio of solutions to treat challenging vascular conditions,” Jeff Mirviss, president, Peripheral Interventions, Boston Scientific, said in the statement.
The three main devices to be acquired include the AngioJet Ultra Thrombectomy System for breaking and removing blood clots in blood vessels, the Jetstream Atherectomy System for clearing plaque deposits from upper and lower extremity peripheral arteries, and the Fetch2 Aspiration Catheter for manual and precise removal of small thrombi in coronary and peripheral arteries.
“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,” Mike Mahoney, president and CEO, Boston Scientific, said in the press release.
Following a recent pattern of streamlining among pharmaceutical companies, Bayer said it is divesting its interventional device division to concentrate on core strengths.
“With this sale, our Medical Care division can concentrate on innovation and growth in Radiology and Diabetes Care where we already have a strong presence,” Dr. Olivier Brandicourt, CEO of Bayer HealthCare AG, said in a statement.
The Bayer Interventional unit generated sales of $120 million in 2013. No job cuts are planned during the transition, and the unit’s 350 employees based in Coon Rapids are expected to join the 5,000-strong workforce of Boston Scientific already in the Twin Cities area, according to MPR News.