Boston Scientificto buy C.R. Bard electrophysiology business for $275M

Boston Scientific Corp., Natick, Mass., said it reached a $275 million, all-cash deal to acquire C.R. Bard's electrophysiology business, based in Lowell, Mass.

The deal would better position Boston Scientific in the electrophysiology market with “more comprehensive” cardiac technology, the company said in a news release announcing the proposed acquisition. The Bard business reported sales last year of $111 million for its therapeutic and diagnostic catheters, electrophysiology recording systems and intracardiac access devices, the release said.

“We expect this acquisition to accelerate the expansion of our global electrophysiology business, and we are pleased to welcome Bard EP to the Boston Scientific team,” said Mike Mahoney, who became the company's president and CEO this past November, in the news release.

The deal, which is subject to customary conditions, is expected to close before the end of the year, and once closed, the acquired assets would operate within Boston Scientific's electrophysiology division.

The company previously announced cost cuts and restructuring that is expected to eliminate up to 1,000 jobs this year out of its global workforce of 24,000, the Associated Press reported in January. The company is expected to reinvest roughly $340 to $375 million squeezed from its operating expense this year.

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