November 2, 2010 – Boston Scientific will sell its neurovascular business to Stryker for $1.5 billion in cash. Of that purchase price, $1.4 billion will be paid at closing, and the remaining $100 million will be paid upon commercialization of the Target Detachable Coils. Several manufacturing facilities will also be transferred to Stryker.
Boston Scientific’s neurovascular business develops less-invasive medical technologies used to treat brain aneurysms and other types pf cerebrovascular disease.
“We deeply appreciate the contributions of our neurovascular employees and wish them continued success going forward in this new venture,” said Ray Elliott, president and CEO of Boston Scientific. “We believe this transaction will prove to be a win-win for all parties.”
For more information: www.bostonscientific.com, www.stryker.com