Baylis Medical Company has reached an agreement to sell its cardiology business to Boston Scientific.
The acquisition, for an upfront payment of US$1.75 billion, subject to closing adjustments, will see Baylis Medical Company and its cardiology products transition to Boston Scientific. This includes the NRG transseptal platform, the VersaCross transseptal platform, as well as its full suite of transseptal sheaths and dilators, and ventricular tachycardia solutions.
Baylis Medical’s affiliate—Baylis Medical Technologies—is not part of the transaction and will remain a separate entity. Baylis Medical Technologies will continue to expand the development and production of its medical devices focused in the areas of radiology and neurosurgery, the company said in a statement. Baylis Medical Technologies will also continue to provide contract manufacturing services to other medical device companies.
“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.”
The transaction is anticipated to close in the first quarter of 2022, subject to customary closing conditions. Until then, both Baylis Medical Company and Boston Scientific will operate separately and prepare for successful integration. There is no anticipated impact or disruptions to existing customers with this announcement.