Boston Scientific considers sale of speciality pharmaceutical unit

15 July 2020 (Last Updated July 15th, 2020 14:05)

Boston Scientific is considering the divestiture of its speciality pharmaceutical business, focused on snake venom treatments, reported Bloomberg citing people familiar with the matter.

Boston Scientific considers sale of speciality pharmaceutical unit
BTG Pharmaceuticals works to offer antidotes to certain life-threatening effects caused by exposure or overexposure to some toxins. Credit: Ulrike Leone from Pixabay.

Boston Scientific is considering the divestiture of its speciality pharmaceutical business, focused on snake venom treatments, reported Bloomberg citing people familiar with the matter.

The sale could be valued at nearly $1bn. The company, which primarily makes medical devices, is said to be collaborating with advisers on the potential deal.

The news agency added that no final decision has been reached and the company may decide to retain the pharmaceutical business.

Boston Scientific obtained the business as part of its $4bn BTG acquisition last year. BTG common shareholders received cash consideration of 840 pence per share.

The BTG acquisition also covered devices for vascular and oncology indications, along with drugs to treat overdoses.

BTG Pharmaceuticals works to offer antidotes to certain life-threatening effects caused by exposure or overexposure to some toxins.

Usually, these acute care medications are used in emergency rooms and intensive care units for the treatment of patients who have limited or no existing therapies.

BTG’s products include CroFab, which is the only treatment approved by the US Food and Drug Administration (FDA) to treat all North American pit viper snakebites in adult and pediatric patients.

Boston Scientific said that CroFab was found to control local, systemic and hematologic effects of snakebites. The company added that the medicine has already been used for the treatment of more than 50,000 patients over 15 years.