Boston Scientific to acquire Canadian medical device company for $1.75B
Photo | Grant Welker
Boston Scientific headquarters in Marlborough
Marlborough medical device manufacturer Boston Scientific announced on Wednesday it has entered into an agreement to buy Baylis Medical Company Inc. for an upfront payment of $1.75 billion.
Baylis, which produces an array of medical devices, including diagnostic catheters and tools to enhance transseptal procedures, is headquartered in Canada.
Boston Scientific anticipates Baylis to generate net sales approaching $200 million next year, based on its double-digital annual growth in the last five years.
The transaction is expected to close in the first quarter, pending various approvals.
The stock price of Boston Scientific on the New York Stock Exchange was down 0.8% to $42.09 per share Wednesday morning, following the news announcement. The company's stock, though, was outperforming the composite of the NYSE, which is down 0.9% on Wednesday.
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