Galway Bay fm newsroom - Boston Scientific shares have fallen the most in more than three years after the company said it would buy BTG for 3.7 billion euro
The medical device company is one of Galway's biggest employers and has a combined workforce of over three thousand people in Galway, Cork and Clonmel.
The deal will give Boston Scientific new products for the treatment of cancer and other disorders, but it will add to the US company’s debt.
The shares in the company, which makes stents for the heart, fell as much as 11 per cent, the biggest intraday drop since August 2015.
However BTG's shares surged a result of the deal, by as much as 35 per cent, a record gain allowing them to reach their highest level in almost four years in London trading.
BTG makes medical technology for doctors, such as cryoablation products to freeze and destroy diseased cells and radiotherapy that delivers radiation straight to tumors.
The company also makes medicines and antidotes against snake venom for emergency care.
Boston Scientific's chief executive officer Michael Mahoney says the takeover of BTG will augment the company's capabilities in important areas of unmet need such as cancer and harmful blood clots
The deal is expected to get the go ahead from BTG
