(Bloomberg) -- Boston Scientific Corp. will buy Baylis Medical Co. for an upfront payment of $1.75 billion to expand its offering of approved technologies for heart patients.
The acquisition, which is subject to closing adjustments, is expected to generate net sales of almost $200 million in 2022, Massachusetts-based Boston Scientific said in a statement. The deal is expected to close in the first quarter of next year.
Some life-saving cardiac procedures involve puncture of the septum, the dividing wall between the heart's two sides. Closely held Baylis makes a variety of guidewires, sheaths and other devices that can improve safety and effectiveness of therapies delivered to the left side of the heart.
“We look forward to making these life-changing technologies available to more patients across the globe through the significant commercial reach of Boston Scientific,” Kris Shah, president of Baylis, said in the statement.
Baylis received U.S. clearance for its NRG platform in 2008 and the technology has since been used in more than one million procedures, according to the statement.
Boston Scientific shares were little changed in trading before U.S. markets opened.
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