Latest News
Varian to Expand Interventional Oncology Portfolio with Acquisition of Embolic Bead Asset
Thursday 11 July 2019

11 July 2019 - US-based drug developer Varian (NYSE: VAR) has signed an asset purchase agreement to acquire the Boston Scientific portfolio of drug-loadable microsphere and bland embolic bead products for treating arteriovenous malformations and hypervascular tumors, the company said.
When completed, this acquisition, in combination with the recent acquisitions of Endocare and Alicon, will expand Varian's portfolio of multidisciplinary integrated cancer care solutions.
Varian's planned acquisition of the Boston Scientific portfolio of drug-loadable microsphere (Oncozene/Embozene Tandem) and bland embolic (Embozene) bead products will enable Varian to extend its new interventional oncology platform, and the company will benefit from the products' regulatory clearances in more than 35 countries worldwide.
Varian will not acquire any of the Boston Scientific operations. While Varian implements a plan to manufacture and distribute these products, it will work with Boston Scientific under transition services agreements to ensure uninterrupted delivery to customers.
Varian is financing the purchase price of USD 90m using cash and proceeds from borrowings.
The transaction, which is expected to close around August 2019, is subject to the satisfaction or waiver of customary closing conditions, including approval of the US Federal Trade Commission and the closing of the proposed acquisition of BTG PLC by Boston Scientific Corp.
The combined assets generated revenue of USD 21.2m in calendar 2018.
Varian expects this transaction to have an immaterial impact on fiscal year 2019 financial results, and the assets to be accretive to GAAP and Non-GAAP earnings per share in fiscal 2020.
Varian is in developing and delivering cancer care solutions and is focused on creating a world without fear of cancer.
Date Published: 11/07/2019
Target: Boston Scientific/portfolio of drug-loadable microsphere and bland embolic bead products
Country: USA
Deal Size: 90m (USD)
Sector: Healthcare
Type: LBO
Financing: Cash
Status: Agreed
Vendor: Boston Scientific
Buyer: Varian