The agreement will also include an additional payment of around $50m, based on sales in 2016.

As part of the deal, Boston Scientific will acquire urology portfolio, including Men’s Health and Prostate Health businesses. It will integrate the acquired businesses in the Urology and Women’s Health segment.

Boston Scientific president and CEO Mike Mahoney said: "The combination of Boston Scientific’s Urology and Women’s Health and AMS’ urology portfolios will create a business with nearly $1 billion in annual sales and enable significant synergies and strong future growth prospects through portfolio innovation and international market expansion."

The portfolio being acquired includes GreenLight XPS and HPS Laser Therapy Systems to treat benign prostatic hyperplasia (BPH) and the AMS 800 Urinary Control System to treat stress urinary incontinence, as well as AMS 700 Inflatable Penile Prosthesis to treat erectile dysfunction.

The AMS Men’s Health and Prostate Health businesses reported sales of around $400m and adjusted operating income of about $130m, excluding amortization and certain allocated expenses, in 2014.

Boston Scientific noted that the acquired business will complement its kidney stone, pelvic organ prolapse, female stress urinary incontinence and abnormal uterine bleeding treatment portfolios.

AMS, which supplies devices to treat pelvic disorders, was acquired for $2.9bn in 2011 and the sale is part of Endo’s efforts to dispose of non-core businesses.

Subject to customary closing conditions, the deal is expected to be completed in the third quarter of this year.

In 2006, Boston Scientific acquired heart device maker Guidant Corp for $27bn.

Image: Boston Scientific’s Corporate Headquarters in Marlborough, Massachusetts. Photo: courtesy of Boston Scientific Corporation.