In November 2018, Boston Scientific Corporation (NYSE: BSX) purchased BTG plc for $4.8 billion, according to search results in our Healthcare Deal Database. BTG develops and commercializes products used in minimally-invasive procedures targeting cancer and vascular diseases. However, the company also had an acute care pharmaceutical division, which based on recent deal activity, it seemed the medical device giant wasn’t too interested in holding onto the non-medical device portions of BTG. In the fourth quarter of 2019, Boston Scientific sold the pharmaceutical licensing royalties unit of BTG, and last week, the company announced the second divestment.
Boston Scientific is selling BTG’s Specialty Pharmaceuticals business, which develops, manufactures and commercializes life-saving antidotes used in hospitals and emergency care settings. The portfolio includes CroFab, DigiFab and Voraxaze. The three franchises are expected to generate approximately $210 million in revenue for the full year 2020. The purchase price for BTG Specialty Pharmaceutical was $800 million.
The buyers are SERB SAS and Stark International Lux S.A.R.L., affiliates of SERB Specialty Pharmaceuticals, a European specialty pharmaceutical group focused on prescription medicines that address rare and life-threatening diseases. SERB is a portfolio company of Charterhouse Capital Partners. In addition to the SERB Specialty Pharmaceuticals company, Charterhouse owns multiple pharmaceutical firms and manufacturers in Europe, so we expect some synergies across the companies.
These two deals have given Boston Scientific $1 billion in net proceeds. The agreement includes the transfer of five facilities and approximately 280 employees globally. The transaction is expected to close in the first half of 2021.
