Boston Scientific sells cardiac and vascular surgery businesses to Getinge

13 November 2007

Boston Scientific Corporation (NYSE:BSX) is to sell its cardiac surgery and vascular surgery businesses to the Stockholm-based Getinge Group for $750 million. The company announced its intent to sell the businesses in August, as part of its plan to divest non-strategic assets and increase shareholder value.

Boston Scientific acquired the cardiac surgery business in April 2006 as part of the Guidant transaction. The cardiac surgery products include beating-heart bypass surgery systems and endoscopic vessel harvesting for coronary bypass surgery. The business employs approximately 450 people.

The company acquired the vascular surgery business in 1995. The Vascular Surgery 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. The combined revenues of the two businesses in 2006 were approximately $275 million.

The Getinge Group produces equipment and systems for healthcare, extended care and pharmaceutical industries/laboratories. The Group reported pro forma revenues of approximately $2.2 billion in 2006. The Group comprises three business areas: Medical Systems (systems for surgery and intensive care), Infection Control (system equipment for disinfection and sterilization) and Extended Care (care ergonomics).

"Working 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 lines."

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