BTG shareholders OK $4B Boston Scientific buyout

Boston Scientific acquires BTGBTG (LON:BTG) said yesterday that its shareholders voted to approve a more than $4 billion buyout offer by Boston Scientific (NYSE:BSX) and affirmed that the deal is on track to close mid-year.

The British medical device maker said that some 95.4% of the shareholders affected by the tie-up voted for the deal, with 4.6% of those shares voting against. Overall, the votes to approve the merger amounted to 62.4% of total BTG shares and the votes against were 0.03%, BTG said.

Earlier this week Marlborough, Mass.-based Boston Scientific said it closed a $4.3 billion debt round it plans use to defray the cost of buying BTG.

The £8.40-per-share offer, worth about $4.24 billion (£3.3 billion), is slated to close in mid-2019. The purchase price is a 36.6% premium over BTG’s closing price the day before the Nov. 20 announcement and a 51.0% premium over the stock’s 90-day volume-weighted average price.

BTG’s largest division makes devices for oncology and vascular conditions; the company also makes overdose and antivenin drugs for snakebite.

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Boston Scientific closes $4B debt offering for BTG buyout

Boston ScientificBoston Scientific (NYSE:BSX) said yesterday that it closed a $4.3 billion debt round it plans use to defray the cost of buying BTG (LON:BTG)

The Marlborough, Mass.-based medical device company said the flotation comprised $850 million worth of 3.45% notes due 2024, $850 million in 3.75% notes due 2026, $850 million of 4.0% notes due 2029, $750 million of 4.55% notes due 2039 and $1.0 billion of 4.70% notes due 2049.

Apart from covering some of the $4.24 billion BTG buyout, which is slated to close mid-year, Boston Scientific said it also plans to use the proceeds to redeem a collective $1.18 billion in notes due 2020 and pay down some of a $1 billion term loan and other short-debt.

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FTC wants more details on $4B Boston Scientific-BTG tie-up

Boston Scientific acquires BTGThe U.S. Federal Trade Commission wants more information about the proposed $4 billion tie-up of BTG (LON:BTG) and Boston Scientific (NYSE:BSX), but the companies said they still expect the merger to close on schedule in mid-2019.

In a regulatory filing today, Marlborough, Mass.-based Boston Scientific said yesterday’s FTC request “is focused on the beads businesses of Boston Scientific and BTG.” The anti-trust regulator’s review means an extension of the waiting period until 30 days after Boston and the British medtech firm comply with the request, according to the filing.

“Boston Scientific and BTG intend to respond to the request from the FTC as quickly as practicable and to continue to work cooperatively with the FTC in connection with its review of the transaction,” the companies said, adding that regulators in Germany and Taiwan have already green-lighted the acquisition.

BTG shareholders are slated for a vote on the deal Feb. 28, the companies said.

The merger, first announced last November, calls for Boston to pay roughly $4.24 billion, or £8.40 per share, for London-based BTG, amounting to a 36.6% premium over BTG’s closing price the day before the announcement and a 51.0% premium over the stock’s 90-day volume-weighted average price up to that date. BTG’s largest division makes devices for oncology and vascular conditions; the company also makes overdose and antivenin drugs for snakebite.

In December 2018 Boston Scientific said it plans to finance the buyout with a $2 billion term loan deal with Barclays Bank, an amended $1 billion credit line and a $2.75 billion revolver.

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BTG touts use of radiopaque drug-eluting bead

BTG Interventional Oncology logoBTG (LON:BTG) said this month that an Australian patient was treated with its radiopaque drug-eluting bead.

The DC Bead Lumi product is the first commercial drug-eluting bead that can be loaded with doxorubicin or irinotecan to treat tumors in patients with hepatocellular carcinoma and liver metastases from colorectal cancer, according to BTG.

Get the full story at our sister site, Drug Delivery Business News.

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BTG’s bioconvertible IVC filter implanted in Arizona patients

BTGBTG (LSE: BTG) today announced the first successful implantation of its Sentry bioconvertible inferior vena cava (IVC) filter in patients outside of a clinical trial.

The Sentry device won FDA 510(k) clearance in 2017. London-based BTG acquired the device in September through its purchase of Galway, Ireland–based Novate.

Get the full story on our sister site Medical Design & Outsourcing.

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Boston Scientific offers $4B for BTG

Boston Scientific acquires BTGBoston Scientific (NYSE:BSX) said today that it agreed to offer roughly $4.24 billion to acquire British medical device maker BTG (LON:BTG).

The £8.40-per-share offer, worth about £3.3 billion, is a 36.6% premium over BTG’s closing price yesterday and a 51.0% premium over the stock’s 90-day volume-weighted average price, the London-based company said. BTG’s largest division makes devices for oncology and vascular conditions; the company also makes overdose and antivenin drugs for snakebite.

“The acquisition of BTG and its rapidly growing peripheral interventional portfolio is an exciting extension of our category leadership strategy that will augment our capabilities in important areas of unmet need such as cancer and pulmonary embolism,” chairman & CEO Mike Mahoney said in prepared remarks. “We are confident that the addition of these therapies to our portfolio will ultimately advance patient care in ways that could not be realized by either company alone, while also allowing us to realize substantial revenue and cost synergies and provide a strong return for investors.”

“I would like to thank and acknowledge all BTG colleagues for building a leading global healthcare company. Our interventional medicine portfolio delivers value to patients and is a significant growth driver for the business, and we’re also proud of our highly profitable pharmaceuticals business focused on critical care products,” added BTG CEO Dame Louise Makin. “We remain committed to transforming patient care through our passion for people, relentless curiosity, and ambition to lead the way. Boston Scientific shares that vision, and their comprehensive clinical and commercial expertise will accelerate the delivery of our strategy and expand the global reach of our interventional medicine portfolio. The strong strategic and cultural fit between the companies gives me confidence that our business will continue to make a real difference for our patients, customers, employees and wider stakeholders.”

Marlborough, Mass.-based Boston said it plans to fund the deal, expected to close in the first half of 2019, with cash and debt. It’s forecast to add 2¢ to 3¢ to the company’s adjusted EPS next year and increasing thereafter.

BTG shares were up 34.0% to £8.24 apiece today in late-morning trading in London. BSX shares closed down -5.2% at $35.29 apiece yesterday.

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BTG invests $20m in Veran Medical’s thoracic guidance tech

BTGBTG (LON:BTG) said this week that it invested $20 million in Veran Medical Technologies and its thoracic navigation system.

Veran’s thoracic navigation system is designed to help lung specialists diagnose lung cancer earlier, enabling a smooth transition between an endobronchial and transthoracic approach. The technology is also used to localize and mark lung nodules in the operating room prior to resection.

The London-based company has an option to acquire Veran, exercisable from January 2020.

“We are excited to announce BTG’s investment in Veran and look forward to collaborating with them,” Veran Medical CEO Jason Pesterfield said in prepared remarks. “BTG and Veran have the shared goal of helping physicians diagnose and treat lung cancer earlier in order to save lives.”

“We are pleased to enter into this partnership with Veran and support the company’s growth,” Peter Pattison, BTG’s head of interventional oncology, added. “Veran’s technology supports the shift towards minimally invasive treatment of lung cancer, an area of strategic interest to BTG.”

BTG also announced its financial results for the first half of 2018, touting the company’s revenue and profit growth.

BTG posted profits of $76.7 million, or 20¢ per share, on sales of $495.7 million for the six months ended Sept. 30, for bottom-line growth of 12.6% on sales growth of 12% compared with the same period last year.

“I am pleased to report that in the first six months we have delivered 10% sales growth with good operating leverage in our product business and 35% adjusted operating profit growth for the group. The second half of the year has started well.” CEO Louise Makin said in prepared remarks. “Our growth strategy is delivering. We remain ambitious to use our strong financial resources to augment this positive organic momentum with further investments and acquisitions to deliver on our vision of being a world leader in interventional medicine, transforming patient care and creating significant long-term value for our stakeholders.”

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