WASHINGTON, June 28 (Reuters) - Medical device maker Boston Scientific Corp said on Friday it would buy the electrophysiology (EP) business of C.R. Bard Inc for $275 million in cash, expanding its roster of products that help treat patients with an abnormal heartbeat.
Bard’s EP unit produces catheters for both therapeutic and diagnostic uses, as well as recording devices. The electrophysiology market is estimated at $2.5 billion globally and growing at about 10 percent annually, Boston Scientific said.
Bard EP, made up of about 180 employees across the globe, generated $111 million in sales last year. It would join Boston Scientific’s EP division within its Rhythm Management unit.
Boston Scientific expects to finalize the deal later this year, the company said, and must pay the $275 million upfront. It expects the deal to have no impact on its adjusted earnings per share this year, and add about 1 cent per share in 2014.
“We believe the innovation and global reach that Bard EP delivers will meaningfully advance our position in this fast-growing market,” said Mike Mahoney, Boston Scientific’s president and chief executive officer.