Boston Scientific has entered into definitive agreement to purchase Bard EP, the electrophysiology (EP) business of C.R. Bard for $275m in cash. The transaction is expected to close in the second half of 2013.
Bard EP is a provider of advanced therapeutic catheters, diagnostic catheters, electrophysiology recording systems and intracardiac access devices.
Boston Scientific president and CEO Mike Mahoney said that the company expects this acquisition to accelerate the expansion of its global electrophysiology business.
"We believe the innovation and global reach that Bard EP delivers will meaningfully advance our position in this fast-growing market, enabling us to more effectively serve the needs of patients who suffer from cardiac arrhythmias," Mahoney added.
The transaction supports the company’s strategy of providing a robust portfolio of solutions for cardiac catheter ablations and other EP tools to diagnose and treat various abnormal hearts beat conditions.
Globally, the value of electrophysiology market is $2.5bn and is growing at 10% each year.
After the completion of the transaction, Bard EP will become a part of the existing Boston Scientific EP business within the company’s Rhythm Management unit.