Boston Scientific Corporation (NYSE:BSX) entered into a definitive agreement to acquire Baylis Medical Company Inc. for $1.8 billion on October 6, 2021. Under the terms of agreement, Boston Scientific will be paying an upfront payment of $1.75 billion of cash, which is subject to closing adjustments. The transaction is subject to customary closing conditions and is anticipated to close in the first quarter of 2022.

The transaction is expected to be Immediately accretive to operating income and top-line growth and approximately one cent accretive to adjusted earnings per share in 2022 and increasingly accretive thereafter. On a GAAP basis, the transaction is expected to be less accretive, or dilutive as the case may be, in 2022 and less dilutive or increasingly accretive thereafter, as the case may be, due to amortization expense and acquisition-related net charges. Shearman & Sterling advised Boston Scientific Corporation in its definitive agreement to acquire Baylis Medical Company.

The Shearman & Sterling team included Clare O'Brien, Derrick Lott, Gillian Emmett Moldowan, Jordan Altman, Jason Pratt, Christopher Glenn, Melisa Brower, Teri Tillman, Andrew Calamari, Austin Grossfeld, Eugene Kim, Jay M. Singer and Lorenz Haselberger. Cooley LLP, with a team that included Michael McGrail, Michal Berkner and William Corcoran were the legal advisers to Baylis. Osler, Hoskin & Harcourt LLP acted as legal advisor for Boston Scientific.

Piper Sandler acted as financial advisor and BCF Business Law acted as legal advisor to Baylis Medical Company.