November 5, 2007
BSX sells two units to Swedish co.
By Matthew L. Brown
Natick's cash-strapped Boston Scientific Corp. said it would sell its Cardiac Surgery and Vascular Surgery businesses to Swedish medical device maker the Getinge Group for $750 million cash.
The sale is part of the company's continuing effort to get out from beneath the mountain of debt created by its $27 billion purchase of Guidant Corp. The company has also been losing money as a result of falling sales of its drug-coated heart stents. The company also plans to lay off more than 2,000 employees by the end of next year.
BSX said it expects the Getinge deal to close within the next 45-90 days if it clears all regulatory hurdles. The two BSX units reported combined revenues of $275 million in 2006.
BSX acquired the Cardiac Surgery business, which employs 450 people, in April 2006 as part of its purchase of Guidant Corp. It has owned the Vascular Surgery unit since 1995.
The sale is part of the company's continuing effort to get out from beneath the mountain of debt created by its $27 billion purchase of Guidant Corp. The company has also been losing money as a result of falling sales of its drug-coated heart stents. The company also plans to lay off more than 2,000 employees by the end of next year.
BSX said it expects the Getinge deal to close within the next 45-90 days if it clears all regulatory hurdles. The two BSX units reported combined revenues of $275 million in 2006.
BSX acquired the Cardiac Surgery business, which employs 450 people, in April 2006 as part of its purchase of Guidant Corp. It has owned the Vascular Surgery unit since 1995.
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