New Providence-based medical technologies developer C.R. Bard Inc. has agreed to sell certain assets of its electrophysiology division to Boston Scientific Corp. for $275 million in cash, according to a news release.
The deal is expected to close later this year, pending regulatory customary closing conditions.
C.R. Bard’s electrophysiology division, based in Lowell, Mass., makes and markets medical equipment, catheters and accessories used in cardiac electrophysiology procedures. Electrophysiology is the branch of physiology studying the relationship with electric phenomena and bodily processes, such as the nervous system.
Annual net sales with the divested assets were about $111 million in 2012, according to C.R. Bard.
“The divestiture is consistent with our strategic plan, which is designed to position our portfolio for accelerated sales growth over time,” C.R. Bard CEO Timothy Ring said in a statement. “By exiting the electrophysiology business, we believe we can better direct management’s attention and our capital resources toward pursuing opportunities where we believe we can achieve sustainable long-term leadership positions and provide attractive growth and returns to shareholders.”
Based on Central Avenue, C.R. Bard makes medical technologies in the fields of vascular, urology, oncology and surgical specialty products.