Devicemaker Boston Scientific Corp., Natick, Mass., announced that it has completed the sale of its cardiac and vascular surgery divisions to Sweden-based Getinge Group for $750 million in cash.
The sale, announced in early November 2007, is part of the devicemakers ongoing divestment effort. We have now sold three of our five previously identified nonstrategic businesses, and we expect to close on the remaining twofluid management and venous accessthis quarter, said John Tobin, Boston Scientifics president and chief executive officer.
In an unrelated transaction, Boston Scientific has announced it also sold controlling interest in its auditory business and drug-pump development program to former principals and shareholders of Advanced Bionics Corp. for $150 million. Boston Scientific purchased Advanced Bionics in 2004, but last August announced it had reached an amended merger agreement with former principals of the company. Under the terms of the agreement, Boston Scientific will pay the principals a total of $1.1 billion. Boston Scientific will obtain sole management control of the companys pain-management business.
The agreement ends pending litigation between the parties, according to a company news release. -- by Shawn Rhea