WSJ: Michigan rival may buy Boston Scientific
Courtesy | Boston Scientific
Boston Scientific's headquarters are located in Marlborough.
Shares of Marlborough medical device giant Boston Scientific rose as high as 17 percent Monday after reports the company could be sold to rival Stryker Corp., based in Michigan.
The Wall Street Journal reported the news Monday morning. Stryker Corp. has made a takeover approach to Boston Scientific worth more than $110 billion, the WSJ said, citing anonymous sources familiar with the talks.
However, Boston Scientific has not yet indicated its response, the WSJ reported.
An acquisition would be a reversal of sorts for Boston Scientific, which has been on a spending spree since last year, agreeing to deals that could be worth more than $1.5 billion to acquire other biomedical firms.
The company declined to comment on the report.
Shares of the company’s stock opened at $31.97 and rose to $37.30 after the WSJ published the story. By 11:30 a.m., the stock price fell back to the $34 range.
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