FTC green lights Boston Scientific-Guidant deal

Boston Scientific Corp., Natick, Mass., received Federal Trade Commission approval for its $27 billion purchase of Guidant Corp., Indianapolis, and expects to complete the deal Friday. The purchase agreement requires Boston Scientific to pay Guidant shareholders an additional $95 million in interest -- $4.5 million for each day after March 31 required to close the deal. To obtain FTC approval of the deal, Boston Scientific already made plans to divest Guidant's vascular business to Abbott Laboratories. Under the FTC agreement, Boston Scientific also must limit its control of Cameron Health, San Clemente, Calif., a medical-device developer in which Boston Scientific has an equity investment and an option to buy the company. Boston Scientific beat out Johnson & Johnson in a bidding war for Guidant in January. -- by Joseph Mantone