Medical device manufacturer Boston Scientific has reached an agreement on the terms of a recommended offer to acquire BTG, which develops and commercialises products used in minimally-invasive procedures targeting cancer and vascular diseases, as well as acute care pharmaceuticals.

The deal is worth approximately $4.2 billion (£3.3 billion) and has been approved by the boards of Boston Scientific and BTG. The deal is expected to be completed in the first half of 2019, subject to receipt of required regulatory approvals and the approval of BTG’s shareholders and the U.K. court.

Mike Mahoney, chairman and CEO of Boston Scientific said: "The acquisition of BTG and its rapidly growing peripheral interventional portfolio is an exciting extension of our category leadership strategy that will augment our capabilities in important areas of unmet need such as cancer and pulmonary embolism. We are confident that the addition of these therapies to our portfolio will ultimately advance patient care in ways that could not be realised by either company alone, while also allowing us to realise substantial revenue and cost synergies and provide a strong return for investors."

BTG’s background is in interventional medicine products is designed to advance the treatment of cancer, vascular conditions and severe emphysema, while its pharmaceutical business provides products to patients overexposed to certain medications or toxins.

Dame Louise Makin, CEO of BTG said: "I would like to thank and acknowledge all BTG colleagues for building a leading global healthcare company. Our interventional medicine portfolio delivers value to patients and is a significant growth driver for the business, and we’re also proud of our highly profitable pharmaceuticals business focused on critical care products.

“We remain committed to transforming patient care through our passion for people, relentless curiosity, and ambition to lead the way. Boston Scientific shares that vision, and their comprehensive clinical and commercial expertise will accelerate the delivery of our strategy and expand the global reach of our interventional medicine portfolio. The strong strategic and cultural fit between the companies gives me confidence that our business will continue to make a real difference for our patients, customers, employees and wider stakeholders.”