BARING PRIVATE EQUITY ASIA ANNOUNCES AGREEMENT TO SELL LUMENIS’ SURGICAL BUSINESS TO BOSTON SCIENTIFIC FOR USD1.07 BILLION
Innovative Surgical portfolio and business to join BSC in milestone transaction.
Baring Private Equity Asia retains ownership of fast-growing Aesthetics and Vision businesses, to reinvest part of deal proceeds to accelerate growth.
3rd March 2021, Israel and Hong Kong – Baring Private Equity Asia (BPEA) and Lumenis announced today that they have entered into a definitive agreement to sell the Lumenis Surgical Business to Boston Scientific (NYSE: BSX) in a transaction valued at USD1.07 billion, subject to closing adjustments. The Surgical Business includes laser and fibers solutions for minimally-invasive surgical procedures in Urology and ENT.
Lumenis’ high-growth Aesthetics and Vision businesses will continue to operate under BPEA ownership. This strategic sale of the Surgical Business will enable Lumenis to accelerate investment in both domains – in R&D, in global sales and marketing channels, as well as in business development initiatives.
The acquisition of Lumenis Surgical – including its robust product portfolio, global team and the Israeli surgical laser center of excellence – represents a major milestone for the Lumenis team and will enable Boston Scientific to enhance execution of its Urology strategy.
“This acquisition is a tremendous vote of confidence in Lumenis and our global teams,” said Tzipi Ozer-Armon, CEO of Lumenis. “In recent years, we have developed and introduced multiple groundbreaking technological solutions that have redefined our industry and opened entirely new market segments. The strong, global backbone of Boston Scientific will reinforce the Surgical team’s ability to continue delivering market-defining innovation, while enabling these solutions to reach many more millions of patients worldwide. For Lumenis, this transaction will enable heightened focus on our Aesthetics and Vision customers and increased investment in innovative solutions, as we look to build upon our strong position and accelerate our growth in each of these domains.”
Lumenis is the world’s largest energy-based medical device company for Aesthetics, Surgical and Vision applications. For over 50 years, Lumenis has pioneered multiple categories and delivered revolutionary innovations to continuously redefine the standard of patient care. Its proprietary, patent-protected MOSESTM Technology, represents a true breakthrough in the Urology domain, demonstrating significant clinical and economic value.
Commenting on the deal, Yan Jiao, Managing Director at BPEA said “This strategic sale will enable Lumenis to focus its R&D, commercial and sales efforts exclusively on the Aesthetics and Vision businesses, positioning it well to pursue new growth opportunities in the coming years. Its prominent position at the intersection of Asian medical devices and Aesthetics, where it has global leadership, is closely aligned with BPEA’s wider healthcare investment strategy.”
Meghan Scanlon, Senior Vice President and President, Urology and Pelvic Health, Boston Scientific, added: “The MOSES laser technology, paired with our LithoVue™ Single-Use Digital Flexible Ureteroscope and comprehensive kidney stone management portfolio will enhance execution of our stone franchise strategy. With double-digit compound annual growth from 2015 to 2019, we look forward to adding the Lumenis best-in-class laser portfolio, talented employees and surgical laser center of excellence to our organization.”
Transaction closing is subject to the customary regulatory approval process.
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