January 7, 2008
Firesale Continues At BSX
By Cory Hopkins
Hot on the heels of Friday's announcement that the company had sold its auditory and drug pump businesses, Natick medical device maker Boston Scientific Corp. announced today that it has completed the sale of its cardiac and vascular surgery businesses to the Getinge Group of Sweden.
The auditory and drug pump units were sold back to the former principals of Advanced Bionics, which Boston Scientific acquired in 2004.
The cardiac and vascular surgery sale will result in after-tax charges of $240 million, the company said.
The more complicated deal with Advanced Bionics will cost BSX $1.15 billion after payments to former shareholders in the company. Former Advanced Bionics principals will pay Boston Scientific $150 million for the controlling interests in the auditory and drug pump development programs.
Boston Scientific will obtain sole control of the pain management business program from Advanced Bionics.
Boston Scientific has now sold off three of its five previously identified "non-strategic businesses," and expects to close on the sale of the remaining two, fluid management and venous access, this quarter.
The auditory and drug pump units were sold back to the former principals of Advanced Bionics, which Boston Scientific acquired in 2004.
The cardiac and vascular surgery sale will result in after-tax charges of $240 million, the company said.
The more complicated deal with Advanced Bionics will cost BSX $1.15 billion after payments to former shareholders in the company. Former Advanced Bionics principals will pay Boston Scientific $150 million for the controlling interests in the auditory and drug pump development programs.
Boston Scientific will obtain sole control of the pain management business program from Advanced Bionics.
Boston Scientific has now sold off three of its five previously identified "non-strategic businesses," and expects to close on the sale of the remaining two, fluid management and venous access, this quarter.
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