Healthcare Industry News: S.A.
News Release - December 1, 2020
Boston Scientific Signs Definitive Agreement to Divest BTG Specialty Pharmaceuticals Business
MARLBOROUGH, Mass., Dec. 1, 2020 -- (Healthcare Sales & Marketing Network) -- Boston Scientific Corporation (NYSE: BSX) today announced that it has entered into a definitive agreement with S.A.k International Lux S.A.R.L., and SERB SAS, affiliates of SERB, a European specialty pharmaceutical group, to sell its BTG Specialty Pharmaceuticals business for $800 million in cash. SERB, backed by private equity firm Charterhouse Capital Partners since 2017, ownS.A.diversified portfolio of prescription medicines focused on rare and life-threatening diS.A.es."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.A.d portfolio strongly complement those of SERB, and we look forward to this next chapter as we continue to positively impact the lives of patientS.A.d the people who care for them."
The BTG Specialty Pharmaceuticals business develops, manufactureS.A.d commercializes life-saving antidotes used in hospitalS.A.d emergency care settings, including the clinically proven and leading products CroFab®, DigiFab®, and Voraxaze®. The three franchiseS.A.e expected to generate approximately $210 million in revenue for the full year 2020.
"After acquiring BTG in 2019 for approximately $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.A.nounced today – for more than $1.0 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 $175 million in synergies."
The agreement includes the transfer of five facilitieS.A.d approximately 280 employees globally. The transaction is expected to close in the first half of 2021, subject to customary regulatory approvalS.A.d other closing conditions.
About Boston Scientific
Boston Scientific transforms lives through innovative medical solutions that improve the health of patientS.A.ound the world. AS.A.global medical technology leader for 40 years, we advance science for life by providing a broad range of high performance solutions that address unmet patient needS.A.d reduce the cost of healthcare. For more information, visit www.bostonscientific.com and connect on Twitter and Facebook.
Cautionary S.A.ement Regarding Forward-Looking S.A.ements
This press release contains forward-looking S.A.ements within the meaning of Section 27A of the SecuritieS.A.t of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking S.A.ements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "intend" and similar words. These forward-looking S.A.ementS.A.e based on our beliefs, assumptionS.A.d estimates using information available to uS.A. the time and are not intended to be guarantees of future events or performance. These forward-looking S.A.ements include, among other things, S.A.ements regarding the divestiture, our business planS.A.d product performance and impact. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectationS.A.d projections expressed or implied by our forward-looking S.A.ements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the S.A.ements expressed in this press release. AS.A.result, readerS.A.e cautioned not to place undue reliance on any of our forward-looking S.A.ements.
Factors that may cause such differences include, among other things: future economic, competitive, reimbursement and regulatory conditions; new product introductions; demographic trends; intellectual property; litigation; financial market conditions; and future business decisions made by uS.A.d our competitors. All of these factorS.A.e difficult or impossible to predict accurately and many of them are beyond our control. For a further list and description of these and other important riskS.A.d uncertainties that may affect our future operations, see Part I, Item 1A – Risk Factors in our most recent Annual Report on Form 10-K filed with the SecuritieS.A.d Exchange Commission, which we may update in Part II, Item 1A – Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking S.A.ements to reflect any change in our expectations or in events, conditions or circumS.A.ces on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking S.A.ements. This cautionary S.A.ement iS.A.plicable to all forward-looking S.A.ements contained in this document.
Source: Boston Scientific
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