Boston Scientific to sell BTG Specialty Pharmaceuticals business for $800m

2 December 2020 (Last Updated December 2nd, 2020 13:51)

Boston Scientific has signed a definitive agreement with SERB’s affiliates, Stark International and SERB SAS, to divest its BTG Specialty Pharmaceuticals business for $800m in cash.

Boston Scientific to sell BTG Specialty Pharmaceuticals business for $800m
The BTG Specialty Pharmaceuticals business develops life-saving antidotes used in hospitals and emergency care settings. Credit: StockSnap from Pixabay.

Boston Scientific has signed a definitive agreement with SERB’s affiliates, Stark International and SERB SAS, to divest its BTG Specialty Pharmaceuticals business for $800m in cash.

SERB has a diversified portfolio of prescription medicines for rare and life-threatening diseases.

BTG Specialty Pharmaceuticals president Anthony Higham said: “This transaction will help the BTG Specialty Pharmaceuticals business enhance its potential as a fully integrated speciality pharmaceuticals platform.

“We believe our capabilities and portfolio strongly complement those of SERB, and we look forward to this next chapter as we continue to positively impact the lives of patients and the people who care for them.”

The BTG Specialty Pharmaceuticals business is specialised in developing, manufacturing and marketing life-saving antidotes for the use in hospitals, as well as emergency care settings.

This includes the clinically proven products CroFab, DigiFab and Voraxaze.

Boston Scientific noted that these three franchises can potentially generate about $210m in revenue for the current full year.

Boston Scientific Peripheral Interventions president and executive vice-president Jeff Mirviss said: “After acquiring BTG in 2019 for approximately $3.7bn net of cash on hand, and following the close of this transaction, we will have divested the two BTG non-medical device portions – Pharmaceutical Licensing royalties in the fourth quarter of 2019 and Specialty Pharmaceuticals announced today – for more than $1bn in net proceeds.

“We continue to be very pleased with the performance of the core Interventional Medicines business, the primary driver of the BTG acquisition, which has delivered strong growth and is expected to exceed our original goal of $175m in synergies.”

The deal also includes the transfer of five facilities and around 280 employees across the world.

The closing of the deal is anticipated in the first half of next year.