Boston Scientific (NYSE:BSX) said today that it closed on the $415 million cash buyout of Bayer AG’s interventional unit it announced last May.
The deal adds atherectomy and thrombectomy devices to Boston Scientific’s portfolio; Bayer’s Minneapolis-area interventional unit, which employs about 350 workers, makes the AngioJet thrombectomy system, Fetch 2 aspiration catheter and JetStream atherectomy device. The division posted sales of roughly $120 million last year, Boston Scientific said at the time.
Marlborough, Mass.-based Boston Scientific reported peripheral intervention sales of $211 million during the 2nd quarter, a 3.4% gain on the same period last year.
"We look forward to welcoming the Bayer Interventional team to Boston Scientific, and we are confident that the addition of its innovative technologies will help us bring unique value to healthcare systems worldwide," segment president Jeff Mirviss said in prepared remarks. "Physicians who perform endovascular procedures encounter a variety of challenging conditions and require a broad-range of tools to treat these difficult disease states. The inclusion of the leading thrombectomy device and a differentiated atherectomy technology adds meaningful breadth to our product portfolio and will allow us to help physicians save the lives and limbs of more patients worldwide."
The acquisition is expected to be "immaterial" to adjusted earnings per share this year but add 1¢ in 2015 and be "increasingly accretive" after that, Boston Scientific said.
