Boston Scientific Corp., a Natick medical device company, said Friday that it has agreed to pay $275 million in cash to buy Bard EP, the electrophysiology business of C.R. Bard; when completed, the acquisition would broaden the range of products that Boston Scientific can offer to treat abnormal heartbeats and other cardiac problems.
According to Boston Scientific’s press release, electrophysiology is a $2.5 billion global market that is growing at nearly 10 percent annually.
Based in Lowell, Bard EP markets such products as advanced therapeutic catheters, diagnostic catheters, electrophysiology recording systems, and intracardiac access devices. Bard EP generated sales of $111 million in 2012. Bard EP’s worldwide headcount is nearly 180 employees.
“We expect this acquisition to accelerate the expansion of our global electrophysiology business and we are pleased to welcome Bard EP to the Boston Scientific team,’’ Mike Mahoney, Boston Scientific president and chief executive, said in a statement. “We believe the innovation and global reach that Bard EP delivers will meaningfully advance our position in this fast-growing market, enabling us to more effectively serve the needs of patients who suffer from cardiac arrhythmias.’’
Bard EP would become part of the existing Boston Scientific EP business within the company’s Rhythm Management unit, Boston Scientific said.