Medical technology firm Boston Scientific has agreed to acquire Canadian medical devices maker Baylis Medical for an upfront payment of $1.75bn.
Baylis Medical is engaged in the development and commercialisation of medical devices in the field of cardiology.
Mississauga-based Baylis Medical Technologies, an affiliate of Baylis Medical, is not covered under the transaction and will run as a separate entity.
The acquired business will allow Boston Scientific to expand its electrophysiology and structural heart product portfolios with the addition of radiofrequency (RF) NRG and VersaCross transseptal platforms, as well as a portfolio of guidewires, sheaths and dilators for left heart access.
Baylis Medical, which is anticipated to report net sales of up to $200m in 2022, has achieved double-digit year-over-year sales growth during each of the past five years.
Baylis Medical president Kris Shah said: “As a leading innovator in left heart access solutions, we develop advancements that help physicians deliver critical, high-precision therapies, which raise the standard of care for patients.”
In 2008, Baylis Medical secured 510(k) clearance from the US Food and Drug Administration (FDA) for its NRG platform. Last year, the company also secured FDA 510(k) clearance for the VersaCross platform.
Both platforms are said to be complemented by the firm’s family of guidewires, sheaths and dilators, which are suitable for use in left-sided diagnostic, ablation, mitral and left atrial appendage closure (LAAC) procedures.
Boston Scientific chairman and CEO Mike Mahoney said: “A leader in many of the fastest growing markets in our industry, we believe that Baylis Medical Company will add meaningful revenue, operating income, and new research and development capabilities across multiple Boston Scientific businesses, while complementing existing offerings within our electrophysiology and structural heart portfolios.”
Subject to customary closing conditions, the deal is expected to be completed in the first quarter of next year.
Last month, Boston Scientific agreed to acquire WOLF Thrombectomy platform developer Devoro Medical in a deal valued at around $336m.
