Boston Sci Buys 350-Worker Twin Cities Co. For $415M
Boston Scientific announced Thursday that it has agreed to acquire Germany-based Bayer AG’s interventional division, which is headquartered in Coon Rapids, for $415 million.
Bayer Interventional generated about $120 million in sales last year and currently employees about 350 workers, the majority of which work at its Coon Rapids facility. The division makes medical devices that help doctors perform minimally invasive procedures on blood vessels, like removing blood clots.
When asked how the deal will affect the Minnesota employees, Boston Scientific spokesman Ryan Davenport said, “As part of [the] integration, we will evaluate the company’s workforce needs and determine how each individual employee best fits into the new organization.”
Natick, Massachusetts-based Boston Scientific said the acquisition will support its strategy to expand its portfolio of solutions to treat peripheral vascular disease.
“These technologies help physicians save both limbs and lives, and we believe this transaction will enable us to reach more effectively the greater than 27 million patients worldwide who suffer from the debilitating effects of peripheral vascular disease,” Boston Scientific President and CEO Mike Mahoney said in a statement.
The deal is expected to close in the second half of this year but remains subject to closing conditions. Once completed, Bayer Interventional will become part of Boston Scientific’s existing peripheral interventions business.
Boston Scientific—which has facilities in Maple Grove, Plymouth, and Arden Hills—employs about 5,000 people in Minnesota and about 24,000 worldwide.