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

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.

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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.