FRANKFURT Bayer AG (BAYGn.DE) on Thursday said it agreed to sell its Interventional device business to Boston Scientific (BSX.N) for $415 million in cash, a deal that is expected to close in the second half of 2014.
Boston Scientific will expand its portfolio of solutions to treat peripheral vascular disease and include systems used in cardiology, radiology and peripheral vascular procedures.
"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 AG said in a statement.
Upon completion of the transaction, Bayer Interventional will become part of the existing Boston Scientific Peripheral Interventions business, Boston Scientific said in a statement.
Bayer's Interventional business accounted for approximately $120 million in sales in 2013.
(Reporting by Edward Taylor; Editing by Arno Schuetze)