Boston Scientific Sells BTG Specialty Pharmaceuticals Unit for $800 Million

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 [e-mail]

(END) Dow Jones Newswires

December 01, 2020 07:09 ET (12:09 GMT)

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