Boston Scientific Sells BTG Specialty Pharmaceuticals Unit for $800 Million
December 01 2020 - 6:24AM
Dow Jones News
By Colin Kellaher
Boston Scientific Corp. on Tuesday said it agreed to sell its
BTG specialty pharmaceuticals business for $800 million in cash to
affiliates of SERB, a European specialty pharmaceutical group
backed by private-equity firm Charterhouse Capital Partners.
The Marlborough, Mass., maker of medical devices said the sale,
which it expects to complete in the first half of 2021, will result
in a pretax loss of about $200 million, which it will book in the
fourth quarter.
Boston Scientific said the BTG business makes antidotes used in
hospitals and emergency-care settings, including the CroFab,
DigiFab and Voraxaze products, which are expected to generate
roughly $210 million in revenue this year. The unit has five
facilities and about 280 employees around the world.
Boston Scientific, which acquired BTG PLC last year for about
$3.7 billion net of cash on hand, said it will have shed two
non-medical-device portions of the U.K. interventional medicine
company for more than $1 billion in net proceeds.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 01, 2020 07:09 ET (12:09 GMT)
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