Boston Scientific Corporation on Friday closed on its previously announced agreement to acquire Bard EP, the electrophysiology (EP) business of C.R. Bard, Inc.
This, according to Boston Scientific: "Enbles Boston Scientific to provide a broader portfolio of EP tools, including solutions for cardiac catheter ablations. The addition of the legacy Bard electrophysiology global business in advanced therapeutic catheters, diagnostic catheters, electrophysiology recording systems and intracardiac access devices givesBoston Scientific additional scale and scope to serve a $2.5 billion EP market that is growing at nearly 10 percent annually."
Pete Sommerness, general manager of Electrophysiology for the Natick, Mass.-based med tech giant, said: "Completing this transaction is an important part of our global strategy to grow and transform our EP business. We believe that the complementary capabilities that this transaction brings, including expertise in capital equipment sales and service, will enable us to offer more complete solutions to help electrophysiologists diagnose and treat patients with cardiac arrhythmias."
Officials at Boston Scientific say they expect the acquisition to extend the company's reach into strategic global markets and will help accelerate launches of key EP technologies, such as the recently approved IntellaTip MiFi XP ablation catheter and its next-generation Rhythmia Mapping System.
The acquisition was first reported in June. Boston Scientific bought Bard's EP business for $275 million in cash. The company said it expects the transaction to have little to no impact on adjusted earning per share in 2013; 2014 impact is estimated to be about 1 cent per share.
