UPDATE 1-Boston Scientific buys Bayer's vascular catheter business

Thu May 15, 2014 8:32am EDT

* All-cash deal priced at $415 mln

* Bayer unit had $120 mln of sales in 2013

* Unit makes catheters to remove clots from arteries and veins

* Deal follows Bayer purchase of Merck's OTC drugs business (Adds detail, background)

FRANKFURT, May 15 (Reuters) - U.S. medical devices company Boston Scientific on Thursday agreed to buy Bayer AG's vascular catheter business for $415 million to widen its range of devices to treat clogged blood vessels.

Boston Scientific said the business, called Bayer Interventional, will help it expand its portfolio of devices for cardiology, radiology and peripheral vascular procedures.

"This transaction will enable us to reach more effectively the more than 27 million patients worldwide who suffer from the debilitating effects of peripheral vascular disease," it said, referring to the obstruction of large blood vessels, typically in arms or legs.

The all-cash deal is expected to close in the second half of 2014.

Bayer's HealthCare unit last week trumped rival bidders for Merck & Co's consumer care business in a $14.2 billion deal.

The German group has previously said it would seek growth in the areas of life science and molecular sciences.

"With this sale, our Medical Care division can concentrate on innovation and growth in radiology and diabetes care, where we already have a strong presence," Olivier Brandicourt, CEO of Bayer HealthCare, said in a statement.

The catheter business, which achieved sales of about $120 million last year, will become part of Boston Scientific's existing Peripheral Interventions business, the U.S. company said. (Reporting by Ludwig Burger and Edward Taylor; Editing by David Goodman)