Radiation therapy firm Varian Medical Systems has signed an agreement to acquire Boston Scientific's portfolio of drug-loadable microsphere and bland embolic bead products designed to treat arteriovenous malformations and hypervascular tumors.
Varian plans to fund the $90 million transaction through cash and proceeds from borrowing as it adds to its multidisciplinary integrated cancer care product lines, which include its recent acquisitions of Endocare and Alicon.
Varian will not acquire any of the Boston Scientific operations. Instead, Varian plans to manufacture and distribute the Oncozene/Embozene Tandem microspheres and Embozene bland embolic bead products with Boston Scientific through transition services agreements to avoid any interruption in service to customers.
"This acquisition from Boston Scientific will strengthen Varian's growing position in the high-value interventional oncology segment and is consistent with our long-term strategy to become a global leader in multidisciplinary, integrated cancer solutions," said Dow Wilson, Varian's president and CEO, in a statement.
The Boston Scientific assets generated revenue of $21.2 million in 2018. Varian expects the transaction will not have a material impact on its fiscal year 2019 financial results. The acquisition could close as soon as August, subject to customary closing conditions and regulatory approvals.
