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November 21, 2018

Boston Scientific to acquire BTG in $4.2bn deal

US medical devices manufacturer Boston Scientific has agreed to acquire British pharmaceutical firm BTG for £3.3bn ($4.2bn) in cash.

US medical devices manufacturer Boston Scientific has agreed to acquire British pharmaceutical firm BTG for £3.3bn ($4.2bn) in cash.

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Under the terms of the agreement, all BTG common shareholders will receive cash consideration of 840 pence per share.

BTG, which generated $496m in revenue in the first half of the year, develops and commercialises products for critical care, cancer and other vascular diseases.

“Under the terms of the agreement, all BTG common shareholders will receive cash consideration of 840 pence per share.”

The acquired company has three main businesses, the largest of which is its Interventional Medicine portfolio.

The Interventional Medicine business comprises multiple peripheral interventional product lines as well as a highly-differentiated vascular portfolio.

The vascular product range features filters, crossing catheters, microfoam and the EKOS Endovascular System.

BTG also has a pharmaceutical business and licensing business. The pharmaceutical business section makes acute care antidotes, while its licensing segment runs on royalties from products subject to its intellectual property and license agreements.

Overall, it employs around 1,600 people across its offices in North America, Europe, Australia and Asia.

Boston Scientific chairman and CEO Mike Mahoney said: “The acquisition of BTG and its rapidly growing peripheral interventional portfolio is an exciting extension of our category leadership strategy that will augment our capabilities in important areas of unmet need such as 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 realised by either company alone, while also allowing us to realise substantial revenue and cost synergies and provide a strong return for investors.”

The BTG acquisition, already approved by the boards of directors of both the companies, is planned to be carried out by an English court-sanctioned scheme of arrangement.

It is scheduled to close in the first half of next year, subject to necessary regulatory approvals, BTG shareholders approval and consent from the UK court.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
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