(Reuters) - Medical device maker Boston Scientific Corp (BSX.N) said it will buy Endo International Plc’s (ENDP.O) American Medical Systems’ men’s and prostate health business for up to $1.65 billion.
The purchase ends a nearly decade-long deal drought for Boston Scientific, which has not completed a large takeover since its 2006 acquisition of heart device maker Guidant Corp for $27 billion.
The deal value includes additional $50 million in milestone based on 2016 sales, Boston Scientific said on Monday.
AMS’ men’s and prostate health businesses, which generated 2014 sales of about $400 million, provides treatments for conditions such as erectile dysfunction, enlarged prostate and bladder leakage.
Reuters reported last week that Boston Scientific was close to buying Endo’s AMS medical device unit.
Monday’s deal, which is expected to close in the third quarter of 2015, does not include AMS’ women’s health business.
Endo said in a separate statement it is evaluating strategic alternatives for the business.
Boston Scientific said it will finance the deal through a combination of existing and newly committed credit facilities.
BofA Merrill Lynch is Endo’s financial adviser and Skadden Arps Slate Meagher & Flom LLP the legal adviser.
J.P. Morgan Securities is financial adviser to Boston Scientific.
Reporting by Ankur Banerjee in Bengaluru; Editing by Savio D'Souza