Boston Scientific has signed an agreement to acquire Baylis Medical Company and its cardiology business for an upfront payment of $1.75bn.
Headquartered in Canada, Baylis Medical Company develops and commercialises innovative medical devices in the field of cardiology.
These products include radiofrequency (RF) NRG and VersaCross transseptal platforms, along with ventricular tachycardia solutions and a portfolio of guidewires, transseptal sheaths and dilators used to support left heart access.
The acquisition will allow Boston Scientific to expand its electrophysiology and structural heart product portfolios.
In 2008, Baylis Medical’s NRG platform received 510(k) clearance from the US Food and Drug Administration (FDA) and has been used in more than one million procedures.
Last year, the company’s VersaCross platform also received FDA 510(k) clearance.
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Both the platforms are complemented by Baylis Medical’s portfolio of guidewires, sheaths and dilators, which can be used in ablation, left atrial appendage closure (LAAC) procedures, left-sided diagnostic and mitral.
Boston Scientific chairman and CEO Mike Mahoney said: “A leader in many of the fastest-growing markets in our industry, we believe that Baylis Medical Company will add meaningful revenue, operating income, and new research and development capabilities across multiple Boston Scientific businesses while complementing existing offerings within our electrophysiology and structural heart portfolios.”
It is noted that Mississauga-based Baylis Medical Technologies, a subsidiary of Baylis Medical, is not covered under the acquisition and will continue its operations as a separate entity.
The deal, which is subject to customary closing conditions, is expected to close in the first quarter of next year.
Baylis Medical Company president Kris Shah said: “As a leading innovator in left heart access solutions, we develop advancements that help physicians deliver critical, high-precision therapies, which raise the standard of care for patients.”