Boston Scientific (BSX) - Get Boston Scientific Corporation Report said on Tuesday that it definitively agreed to sell its BTG Specialty Pharmaceuticals business to affiliates of the Brussels drugmaker Serb SAS for $800 million cash.
The agreement includes transferring five facilities and around 280 employees globally, according to the company’s statement.
Boston Scientific, the Marlborough, Mass., medical-devices giant, said it hoped to close the deal in the first half, subject to conditions including regulatory clearances.
BTG produces antidotes used in hospitals and emergency-care facilities. Its key products, CroFab, DigiFab and Voraxaze, are expected to generate $210 million of revenue in full-year 2020, BSX said.
Serb focuses on prescription medicines that treat rare and life-threatening diseases. Serb has been backed by the London private equity firm Charterhouse Capital Partners since 2017.
Anthony Higham, president of BTG, said in a statement that the capabilities and portfolios of the two companies complement each other.
Boston Scientific acquired BTG in 2019 for $3.7 billion net of cash on hand.
After the current deal closes, Boston Scientific “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 $1 billion in net proceeds," said Jeff Mirviss, executive vice president at Boston Scientific and president of its Peripheral Interventions group.
"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 $175 million in synergies."
Earlier this month, Boston Scientific received U.S. Food and Drug Administration clearance of the Ranger Drug-Coated Balloon, which treats patients with peripheral artery disease.
At last check Boston Scientific shares were up 1.8% at $33.74.