Boston Scientific Corporation
today disclosed having signed a definitive agreement to sell its cardiac surgery
and vascular surgery businesses to Stockholm-based global provider of healthcare
equipment and systems, Getinge Group for a cash price of $750 million.
combined revenues of the two businesses in 2006 were approximately $275 million.
The Getinge Group is a leading global provider of equipment and systems for
the health care, extended care and pharmaceutical industries / laboratories. It
comprises three business areas - medical systems (systems for surgery and intensive
care), infection control (system equipment for disinfection and sterilisation)
and extended care (care ergonomics). The Group reported pro forma revenues of
approximately $2.2 billion in 2006.
Scientific had announced its intent to sell the cardiac surgery and vascular surgery
businesses in August, as part of its plan to divest non-strategic assets and increase
Scientific acquired the cardiac surgery business in April 2006 as part of the
Guidant transaction. The cardiac surgery business is a leading developer of medical
technologies designed for use in surgical cardiac procedures, including beating-heart
bypass surgery systems and endoscopic vessel harvesting for coronary bypass surgery.
employs approximately 450 people.
acquired the vascular surgery business in 1995. The business develops synthetic
grafts and patches used to surgically treat vascular disease, including the repair
of abdominal aortic aneurysms and peripheral vascular anatomy. The business has
approximately 250 employees.
with the talented employees of the cardiac surgery and vascular surgery businesses,
our goal is to drive growth and bring new technologies to these markets, ultimately
benefiting cardiac and vascular surgeons and their patients," said Johan
Malmquist, president and chief executive officer of the Getinge Group of Stockholm,
Sweden. We are excited to complement our existing portfolio with these valuable
businesses, each of which brings leading market positions and impressive product
transaction completes a previously announced element of our plan to divest non-strategic
assets, focus on our core businesses and increase shareholder value," said
Jim Tobin, president and chief executive officer, Boston Scientific. "We
deeply appreciate the contributions our cardiac surgery and vascular surgery employees
have made to Boston Scientific, our customers and their patients. We know they
will continue to serve customers and patients well going forward."
Scientific is a global developer, manufacturer and marketer of medical devices
whose products are used in a broad range of interventional medical specialties.