Boston Scientific (NYSE:BSX) announced today that it completed the nearly $1.1 billion acquisition of the global surgical business of Lumenis.
Marlborough, Massachusetts-based Boston Scientific announced in March that it entered into a definitive agreement with an affiliate of Baring Private Equity Asia (BPEA) to acquire Lumenis’ surgical business, which develops and commercializes energy-based medical solutions. The deal includes an upfront cash payment of $1.07 billion, subject to closing adjustments, according to that previous announcement.
In a news release, Boston Scientific said that Lumenis’ surgical business, which includes premier laser systems, fibers and accessories for urology and otolaryngology procedures, expects to bring in revenues around approximately $200 million across 2021.
The two companies have held a relationship for over 20 years, with Boston Scientific already offering the Lumenis urology laser portfolio in the U.S. and Japan through a distribution arrangement. Following the acquisition, the company will now sell the lasers and fibers to all geographies, including high-growth regions like China. BPEA will retain ownership of the Lumenis global aesthetics and ophthalmology businesses.
Boston Scientific expects an immaterial impact to adjusted earnings per share in 2021, with a two-cent accretive impact in 2022 before becoming increasingly accretive thereafter.
“The close of this acquisition allows us to integrate the Lumenis laser portfolio – including the differentiated Moses technology – with our category-leading kidney stone management and benign prostatic hyperplasia offerings while expanding our global footprint to accelerate growth throughout Europe and Asia,” Boston Scientific SVP of urology and pelvic health Meghan Scanlon said in the release. “Additionally, we are welcoming significant talent to our urology & pelvic health team, and we are excited to establish our global surgical laser center of excellence in Yokneam where we will continue our focus on advancing innovation to help surgeons improve patient care.”