Boston Scientific (NYSE:BSX) announced today that it entered into a definitive agreement to sell its BTG Specialty Pharmaceuticals business.
Marlborough, Mass.-based Boston Scientific is selling BTG for $800 million in cash to Stark International Lux S.A.R.L. and SERP SAS, both affiliates of European specialty pharmaceutical group SERB, according to a news release.
SERB, which is backed by Charterhouse Capital Partners, owns a diversified portfolio of prescription medicines focused on rare and life-threatening diseases.
BTG develops, manufactures and commercializes life-saving antidotes used in both hospitals and emergency care settings. Its product line includes 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. The companies expect the transaction to be completed in the first half of 2021.
“This transaction will help the BTG Specialty Pharmaceuticals business enhance its potential as a fully integrated specialty pharmaceuticals platform,” BTG president Anthony Higham said in the release. “We believe our capabilities and portfolio strongly complement those of SERB, and we look forward to this next chapter as we continue to positively impact the lives of patients and the people who care for them.”
According to Boston Scientific executive VP and president of peripheral interventions. Boston Scientific acquired BTG for $3.7 billion in cash last year and, at the close of the transaction, will have divested the two non-medical device portions of BTG for more than $1 billion in net proceeds.
