BSX Moving HQ To Marlborough, Acquires Calif. Firm
Medical device maker Boston Scientific Corp. announced that it will be moving its world headquarters from Natick about 13 miles away to Marlborough.
The move will be to a property with LEED-Certified buildings that BSX purchased in 2004. According to the company, the move will occur in phases, starting in the spring and it expects employees to be out of the Natick facility by mid-summer 2014, when construction of a new Marlborough building is complete.
Natick-based MathWorks is in the final stages of a deal with BSX to purchase the 500,000-square-foot Natick facility which BSX has occupied since 1995. Details of the deal are not being disclosed.
"A new global headquarters in Marlborough will more effectively support our long-term strategic plans," said BSX President and CEO Mike Mahoney. "Consolidating our Natick and Marlborough facilities is expected to foster greater collaboration and efficiency, benefiting our employees, our customers, and, ultimately, the patients they treat."
"The City of Marlborough is thrilled to be the new expanded home of Boston Scientific," said Marlborough Mayor Arthur Vigeant. "The company has already been an outstanding corporate citizen and we look forward to having Boston Scientific play an even larger role in our community."
Last week, Boston Scientific sold a 227,483-square-foot building in Natick to Scannell Properties of Indianapolis for $15.3 million. The firm is redeveloping the site into a package distribution facility for FedEx Corp. BSX said the building was a warehouse that was going unused.
Acquisitions Continue
The company also announced today that it's made its third acquisition in as many months.
The firm said it has signed a definitive agreement to purchase Vessix Vascular Inc. of Laguna Hills, Calif., in a deal expected to close this month. Vessix will be part of the Peripheral Interventions business at BSX, which includes products to treat vascular system blockages. Boston Scientific will pay $125 million initially, with up to $300 million more between 2013 and 2017, based on clinical and sales-based milestones, the company said.
The privately-held Vessix, founded in 2003, has developed a catheter-based renal denervation system for the treatment of uncontrolled hypertension, BSX said.
Mahoney said the new technology represents potential for a breakthrough therapy in treating the condition.
"The acquisition of Vessix Vascular adds a second generation, highly differentiated technology to our hypertension strategy while accelerating our entry into what we expect to be a multi-billion dollar market by 2020," he added.
BSX said the therapy is important because hypertension is the leading cause of death worldwide, despite the availability of antihypertensive medications. Renal denervation is a catheter-based therapy for medication-resistant hypertension that uses radiofrequency energy to disrupt the renal sympathetic nerves whose hyperactivity leads to uncontrolled high blood pressure, BSX said. The company expects hypertension therapies to be a key growth driver for it going forward.
The Vessix Vascular V2 Renal Denervation System has received CE Mark in Europe and TGA approval in Australia, which are manufacturing conformity requirements. Vessix expects to launch the treatment in CE Mark countries in 2013.
Boston Scientific said it doesn't expect the transaction to substantially impact earnings for 2013 and 2014.
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