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Boston Scientific completes $4.2B acquisition of London's BTG

Boston Scientific Corp. completed the $4.2 billion acquisition of London-based BTG PLC.

Following the merger, BTG became a wholly owned subsidiary of Marlborough, Mass.-based Boston Scientific and its shares stopped trading on the London Stock Exchange. Under the terms of the agreement, BTG shareholders will receive £8.40 in cash for each share held in the company.

Boston Scientific said the transaction will contribute about 4 to 5 cents toward its earnings staring in 2020, and more thereafter.

The deal closing follows Boston Scientific's announcement to sell two of its microscopic bead product lines to Varian Medical Systems Inc. so that the merger did not violate antitrust laws.

The U.S. Federal Trade Commission had said Boston Scientific and BTG were the two largest suppliers of drug-eluting beads, which are used to treat certain liver cancers by blocking blood flow to the tumor and releasing chemotherapy at the site. Due to the companies' positions in the market, the merger would have violated antitrust laws.

Separately, Boston Scientific said in an Aug. 19 press release that it is exploring the sale of the royalty stream associated with BTG's Zytiga licensing deals and expects to close this divestiture by the end of 2019.