Varian has completed its asset purchase of the Boston Scientific portfolio of drug-loadable microsphere and bland embolic bead products for treating arteriovenous malformations and hypervascular tumours. According to a press release, this acquisition expands the portfolio of Varian interventional oncology solutions.

Back in July, Varian revealed it had signed an asset purchase agreement to acquire the Boston Scientific portfolio of microsphere and bland embolic bead. A press release at the time reported that the acquisition of the Boston Scientific portfolio of microsphere (Oncozene/Embozene Tandem) and bland embolic (Embozene) bead products “will enable Varian to extend its new interventional oncology platform, and the Company will benefit from the products’ regulatory clearances in more than 35 countries worldwide”.

Dow Wilson, president and chief executive officer of Varian, said in the July press release: “This acquisition from Boston Scientific will strengthen Varian’s growing position in the high-value interventional oncology segment and is consistent with our long-term strategy to become a global leader in multidisciplinary, integrated cancer solutions. We look forward to completing this acquisition and are excited to add these microsphere and bland embolic bead products to our portfolio to provide our clinical partners with expanded advanced treatment options.”

Varian financed the purchase price of $90 million using cash and proceeds from borrowings. The transaction was subject to the satisfaction or waiver of customary closing conditions, including approval of the US Federal Trade Commission and the closing of the acquisition of BTG by Boston Scientific.

The combined assets generated revenue of $21.2 million in calendar 2018. Varian expects this transaction to have an immaterial impact on fiscal year 2019 financial results, and the assets to be accretive to GAAP and Non-GAAP earnings per share in fiscal 2020.