Baring Private Equity Asia Announces Agreement to Sell Lumenis' Surgical Business to Boston Scientific for USD1.07 billion

YOKNEAM, Israel and HONG KONG, March 3, 2021 /PRNewswire/ -- 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 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 MOSES™ 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.

For further details please contact:

For BPEA:
Newgate Communications

James Hill
James.hill@newgate.asia
+852 3758 2686

Fergus Herries
fergus.herries@newgate.asia
+852 5970 3618

For Lumenis:
Scherf Communications

Motti Scherf
motti@scherfcom.com
+972527202700

About Lumenis

Lumenis is a global leader in the field of minimally invasive clinical solutions for the Aesthetic, Surgical, and Vision markets, and is a world-renowned expert in developing and commercializing innovative energy-based technologies, including Laser, Intense Pulsed Light (IPL) and Radio-Frequency (RF). For over 50 years, Lumenis' ground-breaking products have redefined medical treatments and have set numerous technological and clinical gold-standards. Lumenis has successfully created solutions for previously untreatable conditions, as well as designed advanced technologies that have revolutionized existing treatment methods.

For more information, please visit www.lumenis.com

About Baring Private Equity Asia

Baring Private Equity Asia (BPEA) is one of the largest and most established private alternative investment firms in Asia, with over US$21 billion of assets under management. The firm manages a private equity investment program, sponsoring buyouts and providing growth capital to companies for expansion or acquisitions with a particular focus on the Asia Pacific region, as well as investing in companies globally that can benefit from further expansion into the Asia Pacific region. BPEA also manages dedicated funds focused on private real estate and private credit. The firm has a 24-year history and 195+ employees located across offices in Hong Kong, China, India, Japan, Singapore, Australia, and the US. BPEA currently has over 39 portfolio companies active in Asia with a total of 230,000 employees and sales of approximately US$32 billion.

For more information, please visit www.bpeasia.com

About Boston Scientific

Boston Scientific transforms lives through innovative medical solutions that improve the health of patients around the world. As a global medical technology leader for 40 years, we advance science for life by providing a broad range of high-performance solutions that address unmet patient needs and reduce the cost of healthcare.

For more information, visit www.bostonscientific.com

SOURCE Lumenis Ltd.