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Home Industry News Boston Scientific to divest fluid management and venous access units

Boston Scientific to divest fluid management and venous access units

17th December 2007

Boston Scientific has announced that it has signed an agreement to sell its fluid management and venous access businesses to private equity firm Avista Capital Partners for the total sum of $425 million (209.1 million pounds) in cash.

The companies expect this transaction, which is subject to standard conditions and regulatory approval, to be finalised in the first quarter of next year, with Boston Scientific previously stating that it would sell these units as part of its plans to divest its non-strategic assets.

Following their sale, the combined fluid management and venous access business will be run as an independent company under a new name by Avista, with Ron Sparks becoming chairman and chief executive officer of the new firm and Dave McClellan, president of oncology at Boston Scientific becoming president of the business.

Jim Tobin, president and chief executive officer of Boston Scientific, said: “We now have under agreement the divestitures of all five non-strategic businesses we had previously identified for sale.

“In addition, our expense and head count reduction initiative is well under way and we continue to make progress monetizing our investment portfolio and restructuring several businesses.”

He added that these moves would help the company achieve its goals of boosting shareholder value, restoring profitable growth at the firm and better preparing the company for the future.

Last month, Boston Scientific reported that it would sell its vascular surgery and cardiac surgery business units to the Geinge group for the sum of $750 million.

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