Boston Scientific (NYSE:BSX) said today that it agreed to offer $4.24 billion to acquire British medical device maker BTG (LON:BTG) and its portfolio of interventional drug-device therapies.
The Marlborough, Mass.-based company said that its acquisition of BTG will augment Boston Scientific’s capabilities in the treatment of cancer and pulmonary embolism.
“We are confident that the addition of these therapies to our portfolio will ultimately advance patient care in ways that could not be realized by either company alone, while also allowing us to realize substantial revenue and cost synergies and provide a strong return for investors,” chairman & CEO Mike Mahoney said in prepared remarks.
BTG has a history of developing drugs to treat overdoses and combat the venom in rattlesnake bites. But in recent years, the company has shifted its focus to interventional medicine, developing devices to target the delivery of drugs.
Last year, researchers launched the first clinical trial of BTG’s microscopic beads loaded with a targeted, cancer-fighting drug for patients with primary liver cancer or metastatic colorectal cancer.
“I would like to thank and acknowledge all BTG colleagues for building a leading global healthcare company. Our interventional medicine portfolio delivers value to patients and is a significant growth driver for the business, and we’re also proud of our highly profitable pharmaceuticals business focused on critical care products,” BTG CEO Dame Louise Makin said.
