Boston Scientific Corporation closed on its previously announced agreement to acquire Bard EP, the electrophysiology (EP) business of C.R. Bard, Inc. The completion of this transaction advances Boston Scientific's ability to more comprehensively serve the rapidly expanding global EP market.
The acquisition enables Boston Scientific to provide a broader portfolio of EP tools, including solutions for cardiac catheter ablations. The addition of the legacy Bard electrophysiology global business in advanced therapeutic catheters, diagnostic catheters, electrophysiology recording systems and intracardiac access devices gives Boston Scientific additional scale and scope to serve a $2.5 billion EP market that is growing at nearly 10 percent annually.
"Completing this transaction is an important part of our global strategy to grow and transform our EP business," said Pete Sommerness, general manager, Electrophysiology, Boston Scientific. "We believe that the complementary capabilities that this transaction brings, including expertise in capital equipment sales and service, will enable us to offer more complete solutions to help electrophysiologists diagnose and treat patients with cardiac arrhythmias."
Boston Scientific also expects the additional capabilities brought by the acquisition, including extended reach in strategic global markets, will help accelerate launches of key EP technologies such as the recently approved IntellaTip MiFi™ XP ablation catheter and next-generation Rhythmia™ Mapping System.
Boston Scientific currently expects the net impact of the transaction on adjusted earnings per share to be immaterial in 2013 and approximately one cent accretive in 2014, and dilutive on a GAAP basis in both years as a result of acquisition-related net charges and amortization, which will be determined subsequent to today's closing.
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