Bayer to sell interventional device business to Boston Scientific

German drug giant Bayer AG yesterday struck a deal to sell its Interventional device business to Boston Scientific for $415 million in cash, in order to focus radiology and diabetes care business areas.

The sale comes two weeks after Bayer agreed to buy the consumer care business of Merck & Co for $14.2 billion. (See: Merck & Co to sell consumer care business to Germany's Bayer for $14.2 bn)

Bayer established interventional division in Minnesota post its 2008 acquisition of local medical company Possis Medical for $361 million.

The sale, which is expected to close in the second half of 2014, includes its Angio Jet Ultra Thrombectomy System used to remove blood clots, its Jetstream Atherectomy System for arterial disease treatment, and the Fetch 2 Aspiration Catheter used in cardiology, radiology and peripheral vascular procedures.

The AngioJet Ultra system uses a unique technology to break apart and remove blood clots from within blood vessels. It has been used in more than 600,000 cases worldwide.

The Jetstream system is used for breaking apart and removing thrombus and plaque from upper and lower extremity peripheral arteries. The system catheters can be used to treat multiple lesion morphologies – from thrombus to challenging calcium deposits.

The Fetch2 Aspiration Catheter is used in those instances where the interventionalist is working in small vessels and prefers to use a manual thrombectomy device to resolve small, fresh thrombus in the peripheral and coronary arteries.

Bayer's Interventional business generated approximately $120 million in sales in 2013.

''With this sale, our Medical Care division can concentrate on innovation and growth in Radiology and Diabetes Care where we already have a strong presence,'' said Dr. Olivier Brandicourt, CEO of Bayer HealthCare.

In radiology, Bayer HealthCare is the global leader in contrast-enhanced diagnostic imaging equipment, contrast agents and informatics for contrast and radiation, while in diabetes care, Bayer is also a technological leader in blood glucose monitoring systems, lancing devices and diabetes management software.

Post closing, Bayer Interventional will become part of Boston Scientific's Peripheral Interventions business.

Massachusetts-based Boston Scientific, the world's second-largest cardiac-device maker, said that the acquisition will accelerate the growth of its peripheral interventions business and strengthen its position as a global leader in peripheral therapies.