Summary
Boston Scientific Corporation (BSX) announced on December 1, 2020, that it has entered into a definitive agreement to sell its specialty pharmaceuticals business to Stark International Lux S.A.R.L. and SERB SAS, affiliates of SERB, for $800 million. This business was acquired as part of the 2019 acquisition of BTG plc. Investors should note that the company expects to record a pre-tax GAAP loss of approximately $200 million in the fourth quarter of 2020 related to this divestiture. The transaction is anticipated to close in the first half of 2021, contingent upon regulatory approvals and other closing conditions. This strategic move signals a potential refocusing of Boston Scientific's portfolio.
Key Highlights
- 1Sale of specialty pharmaceuticals business for $800 million.
- 2Expected pre-tax GAAP loss of approximately $200 million in Q4 2020 associated with the sale.
- 3Transaction expected to close in the first half of 2021.
- 4Divested business was acquired as part of the 2019 BTG plc acquisition.
- 5The sale is to Stark International Lux S.A.R.L. and SERB SAS, affiliates of SERB.
- 6The filing includes a press release dated December 1, 2020.