July 12, 2013 — In a move that would significantly boost its capabilities in the fast-growing market for advanced electrophysiology procedures, Boston Scientific Corporation has entered into a definitive agreement to acquire Bard EP, the electrophysiology (EP) business of C.R. Bard, for $275 million in cash. The company expects to close the transaction in the second half of 2013, subject to customary closing conditions.
This transaction supports Boston Scientific's strategy to provide a robust portfolio of solutions for cardiac catheter ablations and other EP tools to diagnose and treat a variety of conditions in which the heart beats abnormally. The addition of Bard EP's strong commercial team and complementary portfolio, including catheter and recording device technologies, would enable Boston Scientific to better serve the rapidly growing global EP market with a stronger and more comprehensive offering. Electrophysiology is a $2.5 billion global market that is growing at nearly 10 percent annually.
The agreement calls for an up-front payment of $275 million, payable upon transaction closing. Boston Scientific currently expects the net impact of this transaction on adjusted earnings per share to be immaterial for 2013 and approximately one cent accretive in 2014, and dilutive on a GAAP basis in both years as a result of acquisition-related net charges and amortization, which will be determined following the closing.
For more information: www.bostonscientific.com