Boston Scientific to acquire Baylis Medical
Mississauga firm to increase investment in radiology and neurosurgery business in Canada
Baylis Medical Company Inc. announced it has reached an agreement to sell its cardiology business to Boston Scientific Corp. for an upfront payment of USD$1.75-billion, subject to closing adjustments.
The deal will see Baylis Medical Company and its cardiology products transition to Boston Scientific, manufacturer of medical devices used in interventional medical specialties. This includes the NRG Transseptal Platform, the VersaCross Transseptal Platform, as well as its full suite of transseptal sheaths and dilators, and ventricular tachycardia solutions.
Baylis Medical’s affiliate – Mississauga-based Baylis Medical Technologies – is not part of the transaction and will remain a separate entity. Baylis Medical Technologies will continue to expand the development and production of its medical devices focused in the areas of radiology and neurosurgery. Baylis Medical Technologies will also continue to provide contract manufacturing services to other medical device companies.
Drive growth, adoption of the cardiology technologies
The acquisition of Baylis Medical Company by Boston Scientific is anticipated to drive growth and adoption of the cardiology technologies worldwide, and will build on a longstanding history of designing, developing and delivering high-quality medical products to patients globally.
“Baylis Medical Company is proud of its Canadian roots and commitment to investing in the Canadian biomedical sector. We are thrilled that Boston Scientific has committed to continue the Baylis Medical Company legacy and will further enhance our efforts to bring these technologies to a greater number of physicians and patients with their significant global reach,” said Kris Shah, President, Baylis Medical. “As well, we look forward to increasing our investments in our Baylis Medical Technologies business and in Canada’s rich medical technology industry.”
Operate separately and prepare for successful integration
The transaction is anticipated to close in the first quarter of 2022, subject to customary closing conditions. Until then, both Baylis Medical Company and Boston Scientific will operate separately and prepare for successful integration. There is no anticipated impact or disruptions to existing customers with this announcement.
Piper Sandler served as exclusive financial advisor to Baylis Medical Company, with legal advice provided by BCF Business Law and Cooley LLP.