Bard has agreed a $275 million (180.54 million pounds) deal to sell certain assets of its electrophysiology division to fellow medical technology firm Boston Scientific.
The transaction is expected to be completed later this year and will see Boston Scientific take control of a business unit that generated approximately $111 million in net sales last year.
Bard is selling off this business as part of a strategic plan aimed at accelerating sales growth over time and delivering value for shareholders by positioning its portfolio in an effective manner.
Timothy Ring, chairman and chief executive officer of Boston Scientific, said: "By exiting the electrophysiology business, we believe we can better direct management's attention and our capital resources toward pursuing opportunities where we believe we can achieve sustainable long-term leadership positions."
Following the completion of the deal, the Bard assets will become part of Boston Scientific's existing electrophysiology business within its rhythm management unit.See all the latest jobs in Medical Devices