Boston Scientific Corporation has signed a definitive agreement to purchase the Interventional Division of Bayer AG for $415m in cash, including fees for transitional services.

The acquisition is expected to help Boston Scientific to strengthen its access to Peripheral Interventions Business and Peripheral Atherectomy and Thrombectomy Categories.

Boston Scientific president and chief executive officer Mike Mahoney said, "These technologies help physicians save both limbs and lives, and we believe this transaction will enable us to reach more effectively the greater than 27 million patients worldwide who suffer from the debilitating effects of peripheral vascular disease."

Bayer Interventional will become part of the existing Boston Scientific Peripheral Interventions business on completion of the transaction, which includes the AngioJet Thrombectomy System and the Fetch 2 Aspiration Catheter, and the JetStream Atherectomy System.

Boston Scientific Peripheral Interventions president Jeff Mirviss said the addition of Bayer Interventional will expand Boston Scientific’s commercial footprint and enhance its ability to provide physicians and healthcare systems with a complete portfolio of solutions to treat challenging vascular conditions.

"We believe this acquisition will accelerate the growth of our Peripheral Interventions business and strengthen our position as a global leader in peripheral therapies," Jeff Mirviss added.

Bayer Interventional, which offers a number of innovative technologies to treat coronary and peripheral vascular disease, generated sales of approximately $120m in 2013.

Bayer HealthCare’s Medical Care Division president and the Bayer HealthCare Executive Committee member Alan Main said, "We are confident that the planned sale of AngioJet, Jetstream and Fetch2 is a positive step for the long-term sustainability of these products given Boston Scientific’s strong position in devices for peripheral and cardiovascular diseases."

Subject to customary closing conditions, Boston Scientific expects to close the transaction in the second half of 2014.