PALO ALTO, Calif., July 2, 2019 /PRNewswire/ -- Varian (NYSE: VAR)
today announced it has signed an asset purchase agreement to
acquire the Boston Scientific portfolio of drug-loadable
microsphere and bland embolic bead products for treating
arteriovenous malformations and hypervascular tumors. When
completed, this acquisition, in combination with the recent
acquisitions of Endocare and Alicon, will expand Varian's portfolio
of multidisciplinary integrated cancer care solutions.
Varian's planned acquisition of the Boston Scientific portfolio
of drug-loadable microsphere (Oncozene/Embozene Tandem) and bland
embolic (Embozene) bead products will enable Varian to extend its
new interventional oncology platform, and the Company will benefit
from the products' regulatory clearances in more than 35 countries
worldwide.
"This acquisition from Boston Scientific will strengthen
Varian's growing position in the high-value interventional oncology
segment and is consistent with our long-term strategy to become a
global leader in multidisciplinary, integrated cancer solutions,"
said Dow Wilson, president and chief executive officer of Varian.
"We look forward to completing this acquisition and are excited to
add these drug-loadable microsphere and bland embolic bead products
to our portfolio to provide our clinical partners with expanded
advanced treatment options."
Varian will not acquire any of the Boston Scientific operations.
While Varian implements a plan to manufacture and distribute these
products, it will work with Boston Scientific under transition
services agreements to ensure uninterrupted delivery to
customers.
Transaction and Financial Details
Varian is financing the purchase price of $90 million using cash and proceeds from
borrowings. The transaction, which is expected to close around
August 2019, is subject to the
satisfaction or waiver of customary closing conditions, including
approval of the U.S. Federal Trade Commission and the closing of
the proposed acquisition of BTG PLC by Boston Scientific
Corporation.
The combined assets generated revenue of $21.2 million in calendar 2018. Varian expects
this transaction to have an immaterial impact on fiscal year 2019
financial results, and the assets to be accretive to GAAP and
Non-GAAP earnings per share in fiscal 2020.
Varian has provided more information regarding this asset
purchase on its investor relations website by updating the
presentation regarding its recent acquisitions in interventional
oncology. To view the presentation, visit
www.varian.com/investors.
About Varian
Varian is a leader in developing and delivering cancer care
solutions and is focused on creating a world without fear of
cancer. Headquartered in Palo Alto,
California, Varian employs approximately 7,000 people around
the world. For more information, visit http://www.varian.com and
follow @VarianMedSys on Twitter.
Forward Looking Statement
Except for historical information, this news release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Statements concerning
industry or market outlook, including growth drivers; the company's
future orders, revenues, operating expenses, tax rate, cash flows,
earnings growth or other financial results; and any statements
using the terms "could," "believe," "expect," "promising,"
"outlook," "should," "will" or similar statements are
forward-looking statements that involve risks and uncertainties
that could cause the company's actual results to differ materially
from those anticipated. Such risks and uncertainties include our
ability to achieve expected synergies from acquisitions; global
economic conditions and changes to trends for cancer treatment
regionally; currency exchange rates and tax rates; changes in
third-party reimbursement levels; new and potential future tariffs
or a global trade war; demand for and delays in delivery of the
company's products; the company's ability to develop, commercialize
and deploy new products; the company's ability to meet Food and
Drug Administration (FDA) and other regulatory requirements,
regulations or procedures; changes in regulatory environments; the
effect of adverse publicity; the company's ability to maintain or
increase margins; the impact of competitive products and pricing;
the potential loss of key distributors or key personnel; and the
other risks listed from time to time in the company's filings with
the Securities and Exchange Commission, which by this reference are
incorporated herein. The company assumes no obligation to update or
revise the forward-looking statements in this release because of
new information, future events, or otherwise.
Press Contact
Mark Plungy
Director, Global Public Relations
+1 (650) 424-5630
mark.plungy@varian.com
Investor Relations Contact
J. Michael Bruff
Senior Vice President, Investor Relations
+1 (650) 424-5163
investors@varian.com
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SOURCE Varian