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    Breaking News

    Boston Scientific Buys Men's Health and Prostate Health Businesses from American Medical Systems

    Acquisitions will become part of Boston Scientific's Urology and Women's Health division.

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    03.03.15
    Boston Scientific Corp. will buy the American Medical Systems urology portfolio from Endo International plc for $1.6 billion and a potential additional $50 million milestone based on 2016 sales. The acquisition includes the Men's Health and Prostate Health businesses of AMS.

    The company expects to close the transaction in the third quarter of 2015, subject to customary closing conditions.

    Upon completion of the transaction, the AMS Men's Health and Prostate Health businesses will become part of Boston Scientific Urology and Women's Health. The acquisition encompasses the AMS product portfolio for treating urologic conditions, including benign prostatic hyperplasia (BPH), male stress urinary incontinence and erectile dysfunction. These technologies complement Boston Scientific's kidney stone, pelvic organ prolapse, female stress urinary incontinence and abnormal uterine bleeding treatment portfolios.

    The AMS women's health business for treating pelvic organ prolapse and female stress urinary incontinence is not included in the transaction.

    "We believe this strategic acquisition will strengthen Boston Scientific's global leadership in the urology device category while delivering a strong return to our investors," said Mike Mahoney, president and CEO of Marlborough, Mass.-based of Boston Scientific. "The combination of Boston Scientific's Urology and Women's Health and AMS' urology portfolios will create a business with nearly $1 billion in annual sales and enable significant synergies and strong future growth prospects through portfolio innovation and international market expansion. We look forward to serving customers and impacting patient care in ways that could not be realized by either company alone."

    Based in Minnetonka, Minn., the AMS Men's Health and Prostate Health businesses include approximately 800 employees worldwide, and generated 2014 sales of approximately $400 million and adjusted operating income of approximately $130 million, excluding amortization and certain allocated expenses. GAAP operating income, including amortization and certain allocated expenses, was approximately $60 million in 2014.

    Upon closing, Boston Scientific will acquire a diverse portfolio, including:
    • The minimally invasive GreenLight XPS and HPS Laser Therapy Systems for treating BPH, a non-cancerous enlargement of the prostate and one of the most common diseases among aging men. Worldwide, BPH affects approximately 90 million men older than 50 each year, with more than 25 million suffering from moderate to severe symptoms, according to data cited by Boston Scientific. The GreenLight XPS System is a laser BPH laser treatment technology.
    • The AMS 800 Urinary Control System for treating stress urinary incontinence, a condition affecting an estimated 12 million men worldwide, with 70-80 percent of cases secondary to prostate cancer treatment.
    • The AMS 700 Inflatable Penile Prosthesis for treating erectile dysfunction, a condition affecting more than 200 million men annually worldwide, with nearly 50 percent of men older than 60 suffering from moderate to severe symptoms.

    "Urology is an exciting area with ample opportunities to address unmet medical needs. This acquisition is intended to bring together the global talent, expertise and product portfolios of both companies to drive continued healthcare advancements and value for our customers,” said Karen Prange, senior vice president and president of Urology and Women's Health at Boston Scientific. “Together, our strong leadership and innovative solutions can help physicians provide relief, restore bodily functions and enable millions of patients worldwide to regain control of their lives."

    The acquisition is expected to result in annual pre-tax synergies in excess of $50 million by the end of 2018.  On an adjusted basis, the transaction is expected to be breakeven to adjusted earnings per share in 2015, accretive by at least 3 cents in 2016, approximately 7 cents in 2017, and increasingly accretive thereafter. The transaction is expected to be less accretive (or dilutive, as the case may be) on a GAAP basis 2015 through 2017, due to amortization expense and transaction and integration costs.

    The acquisition is being structured as an asset purchase for tax purposes. Boston Scientific intends to finance the acquisition through a combination of existing and newly committed credit facilities. J.P. Morgan Securities LLC acted as financial advisor to Boston Scientific.
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