Marlborough, MA-based Boston Sci will sell the BTG Specialty Pharmaceuticals business for $800 million in cash to Stark International Lux S.A.R.L., and SERB SAS.

Omar Ford

December 1, 2020

2 Min Read

Boston Scientific is whittling down the non-device portions of its BTG acquisition with another divestiture. The Marlborough, MA-based company said it was selling the BTG Specialty Pharmaceuticals business for $800 million in cash to Stark International Lux S.A.R.L., and SERB SAS.

The transaction is expected to close in the first half of 2021 and includes the transfer of about five facilities and about 280 employees worldwide.

Boston Scientific said the BTG Specialty Pharmaceuticals business develops antidotes used in hospitals and emergency care settings, including CroFab, DigiFab, and Voraxaze. The three franchises are expected to generate about $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 announced today – for more than $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 $175 million in synergies."

Boston Scientific first announced it would acquire BTG for $4 billion about two years ago. BTG was attractive because of its Interventional Medicine portfolio which encompasses several peripheral interventional product lines. The interventional oncology franchise includes the TheraSphere Y-90 radiotherapy microspheres and the GALIL cryoablation system, used to treat patients with liver, kidney, and other cancers.

During the time of the BTG acquisition announcement, Boston Scientific was in the middle of what would turn out to be a massive buying spree. The company announced nine acquisitions in 2018. (Editor’s Note: Dublin-based Medtronic is coming close to breaking this record with seven.)

About the Author(s)

Omar Ford

Omar Ford is MD+DI's Editor-in-Chief. You can reach him at [email protected].


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