Boston Scientific (NYSE:BSX) announced that it completed its acquisition of Preventice Solutions that could be worth up to $1.225 billion.
The transaction includes a cash payment of $925 million upfront with up to an additional $300 million in potential commercial milestone payments available. Accounting for the company’s approximately 22% equity stake in Preventice prior to the acquisition, the deal will be worth approximately $720 million upfront and $230 million in potential milestone payments, according to a news release.
Marlborough, Mass.-based Boston Scientific announced the planned acquisition of Minneapolis-based Preventice on Jan. 21, 2020.
Preventice designs mobile health solutions and remote monitoring offerings for patients with cardiac arrhythmias. Among its products are wearables, including the PatientCare platform and BodyGuardian family of monitors.
BodyGuardian monitors use a fully-integrated, cloud-based platform for clinical technicians and AI algorithms to provide insights leading to improved clinical diagnoses and outcomes. The BodyGuardian Mini Plus, the newest system in its portfolio, includes multiple electrode options to improve rhythm detection. The platform is waterproof, repositionable and can be used in all modalities of short-term and long-term monitoring.
In addition to the acquisition of Preventice, Boston Scientific also completed the sale of its BTG Specialty Pharmaceuticals business to Stark International Lux S.A.R.L. and SERP SAS, both affiliates of European specialty pharmaceutical group SERB.
The deal, announced on Dec. 1, 2020, is worth $800 million in cash. BTG develops, manufactures and commercializes pharmaceuticals used in hospitals and emergency care settings, including CroFab, DigiFab and Voraxaze, which Boston Scientific said will generate approximately $210 million in revenue in 2020 between the three of them.
A total of five facilities and approximately 280 employees around the world will be transferred as per the agreement.