Boston Scientific agrees to divest BTG Specialty Pharmaceuticals business

390

acquisitionBoston Scientific has announced that it has entered into a definitive agreement with Stark International and SERB SAS, affiliates of the European specialty pharmaceutical group SERB, to sell its BTG Specialty Pharmaceuticals business for US$800 million in cash.

Boston acquired BTG in August 2019, an acquisition covering BTG’s three business segments, including an interventional medicine portfolio encompassing interventional oncology therapeutic technologies for patients with liver and kidney cancers, as well as a vascular portfolio for treatment of deep vein thrombosis, pulmonary embolism, deep venous obstruction and superficial venous disease.

The transaction announced today will see Boston divest the pharmaceuticals segment of the business, which develops, manufactures and commercialises antidotes used in hospitals and emergency care settings, including the CroFab, DigiFab, and Voraxaze products. The three franchises are expected to generate approximately US$210 million in revenue for the full year 2020.

SERB, backed by private equity firm Charterhouse Capital Partners since 2017, owns a diversified portfolio of prescription medicines focused on rare and life-threatening diseases.

“This transaction will help the BTG Specialty Pharmaceuticals business enhance its potential as a fully integrated specialty pharmaceuticals platform,” said Anthony Higham, president, BTG, Specialty Pharmaceuticals. “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.”

“After acquiring BTG in 2019 for approximately US$3.7 billion net of cash on hand, and following the close of this transaction, we will have divested the two BTG non-medical device portions—Pharmaceutical Licensing royalties in the fourth quarter of 2019 and Specialty Pharmaceuticals announced today—for more than US$1 billion in net proceeds,” said Jeff Mirviss, executive vice president and president, Peripheral Interventions, Boston Scientific. “We continue to be very pleased with the performance of the core Interventional Medicines business, the primary driver of the BTG acquisition, which has delivered strong growth and is expected to exceed our original goal of US$175 million in synergies.”


LEAVE A REPLY

Please enter your comment!
Please enter your name here