Boston Scientific to sell non-strategic investments

Boston Scientific has announced a definitive agreement to sell its non-strategic investments as part of plans to better focus itself on its core businesses and increase value for shareholders.

It will sell its investments in a portfolio of companies to secondary direct-investment firm Saints Capital, subject to closing and other conditions.

The company said the transaction will raise pre-tax proceeds for the firm in excess of $100 million (51 million pounds), primarily in cash, with the remainder note payable over a number of years.

Sam Leno, chief financial officer of Boston Scientific, said: “The sale of these investments, which represent the vast majority of our private investment portfolio, is part of our previously announced plans to divest non-strategic assets, while focusing on our core businesses and increasing shareholder value.”

He added that the company is pleased to divest its investments to a firm it believes has the commitment and experience to support them in the future.

Additionally, Boston Scientific has announced an agreement to sell its venture fund and company investments portfolio to private equity secondary market firm Paul Capital Partners for more than $40 million.

Earlier this month, Fitch Ratings revised the outlook on Boston Scientific up from Negative to Stable.