MISSISSAUGA, Ont. — Baylis Medical Co. Inc. says it has signed a deal to sell its cardiology business to Boston Scientific Corp. for US$1.75 billion.
The company is a developer of medical devices used in cardiology.
The deal is expected to close in the first quarter of next year, subject to customary closing conditions.
Baylis Medical's affiliate – Mississauga-based Baylis Medical Technologies – is not part of the deal and will remain a separate entity.
The company says Baylis Medical Technologies will continue its development and production of medical devices focused on radiology and neurosurgery.
Baylis Medical Technologies will also continue to offer contract manufacturing services to other medical device companies.
This report by The Canadian Press was first published Oct. 6, 2021.
The Canadian Press