Charterhouse-backed SERB buys BTG specialty pharma unit for $800m

Boston Scientific on Tuesday, 1 December, said it agreed to sell its BTG specialty pharmaceuticals business for $800m in cash to affiliates of SERB, a European specialty pharmaceutical group backed by private equity firm Charterhouse Capital Partners.

The US-based maker of medical devices said the sale, which it expects to complete in the first half of 2021, will result in a pretax loss of about $200m, which it will book in the fourth quarter.

Boston Scientific said the BTG business makes antidotes used in hospitals and emergency care settings, including the CroFab, DigiFab and Voraxaze products, which are expected to generate roughly $210m in revenue this year. The unit has five facilities and about 280 employees around the world.

Boston Scientific, which acquired BTG last year for about $3.7bn net of cash on hand, said it will have shed two non-medical-device portions of the UK interventional medicine company for more than $1bn in net proceeds.

Source: Private Equity News