USA – Boston Scientific has announced that it is acquiring Baylis Medical, a Canadian-based healthcare technology company, in a deal valued at US$1.75 billion to expand its electrophysiology and heart product portfolios.
Boston Scientific will acquire Baylis Medical Company and its cardiology products for an upfront. payment of US$1.75 billion with the transaction expected to close in the first quarter of 2022 subject to closing adjustments.
Until then, Baylis Medical Company and Boston Scientific will continue to operate independently while preparing for a successful merger. This announcement is not expected to have any impact or disruption on existing customers.
The cardiology business acquisitions include NRG Transseptal Platform, the VersaCross Transseptal Platform, and its full suite of transseptal sheaths and dilators, as well as ventricular tachycardia solutions.
Historically, physicians have relied on a mechanical needle to pass through the septum and access the left side of the heart, which can pose safety concerns and placement challenges due to varying patient anatomy.
Rather than relying solely on mechanical force, the Baylis Medical Company platforms enable predictable and safe transseptal access through the use of RF energy – a method that has been shown to increase efficiency, as well as improve the safety and efficacy of transseptal puncture during left heart procedures.
Boston Scientific’s acquisition of Baylis Medical Company is anticipated to spur growth adoption of these cardiology technologies globally.
“Baylis Medical Company is proud of its Canadian roots and commitment to investing in the Canadian biomedical sector. We are thrilled that Boston Scientific has committed to continue the Baylis Medical Company legacy and will further enhance our efforts to bring these technologies to a greater number of physicians and patients with their significant global reach,” said Kris Shah, President, Baylis Medical.
“As well, we look forward to increasing our investments in our Baylis Medical Technologies business and in Canada’s rich medical technology industry,” he added.
Baylis Medical Company is expected to generate net sales of approximately US$200 million in 2022, after achieving double-digit year-over-year sales growth for the previous five years.
In recent weeks, Boston Scientific announced that it had acquired California-based healthtech company Devoro Medical in a deal worth US$ 336 million.
Devoro is well known for its WOLF Thrombectomy platform designed to target and capture blood clots using finger-like prongs that remove thrombi in arteries and veins.
Boston Scientific had already been a strategic investor in Devoro Medical since 2019, with a roughly 16 percent equity stake in the company.
The acquisition included an upfront payment of approximately US$269 million for the remaining 84 percent, with an additional payment of up to US$67 million possible if “certain clinical and regulatory milestones” were met.
“The addition of the WOLF platform advances our efforts to ensure physicians have the right tools to improve procedural efficiencies,” Jeff Mirviss, executive vice president and president of Boston Scientific’s peripheral interventions division, said.