Varian Medical Systems has agreed to purchase drug-loadable microsphere and bland embolic bead product portfolio from Boston Scientific for around $90m (£71.3m).
Boston Scientific’s drug-loadable microsphere and bland embolic bead products are used for the treatment of arteriovenous malformations and hypervascular tumours.
The product from Boston Scientific, along with recent acquisitions of Endocare and Alicon, will extend Varian’s portfolio of multidisciplinary integrated cancer care solutions.
The acquisition of Oncozene/Embozene Tandem drug-loadable microsphere and Embozene bland embolic bead products will allow Varian to expand its new interventional oncology platform, as well as benefit from the products’ regulatory clearances in over 35 countries across the world.
Varian said that it will not acquire any of the Boston Scientific operations and implements a plan to manufacture and distribute these products. Under transition services agreements, the company will work with Boston Scientific to ensure uninterrupted delivery of products to the customers.
Subject to the satisfaction or waiver of customary closing conditions, including approval of the US.Federal Trade Commission and the closing of the proposed acquisition of BTG by Boston Scientific, the deal is expected to be completed by the end of August this year.
Varian believes that the transaction will have an immaterial impact on fiscal year 2019 financial results and the assets to be accretive to GAAP and Non-GAAP earnings per share in fiscal 2020.
Varian president and CEO Dow Wilson said: “This acquisition from Boston Scientific will strengthen Varian’s growing position in the high-value interventional oncology segment and is consistent with our long-term strategy to become a global leader in multidisciplinary, integrated cancer solutions.
“We look forward to completing this acquisition and are excited to add these drug-loadable microsphere and bland embolic bead products to our portfolio to provide our clinical partners with expanded advanced treatment options.”
Based in Palo Alto of California, Varian is involved in the development and delivery of cancer care solutions. The company employs around 7,000 people across the world.