Boston Scientific makes £3.3 billion bid for UK's BTG

20 November 2018

US medical device maker Boston Scientific (NYSE: BSX) today announced it has reached an agreement on the terms of a recommended offer to acquire UK-based BTG (LSE: BTG), a company which develops and commercializes products used in minimally-invasive procedures targeting cancer and vascular diseases, as well as acute care pharmaceuticals.

The transaction has been unanimously approved by the boards of directors of Boston Scientific and BTG. Under the terms of the transaction, holders of BTG's common shares would receive a cash consideration of 840 pence per share, which represents a premium of 36.6% to BTG’s close of 615 pence on Monday.

BTG’s shares shot up 34.07% to 824.50 pence by 9.30 this morning. Shares of Boston Scientific were down 5.16% at $35.29 by close on Monday, but that was likely a response to the company saying that, in 2019, it will reduce operating expenses by $100 to $150 million by the end of 2022. The restructuring will support a push toward improving operating performance and sustainable value.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK