Boston Scientific announces partnership amendment

Boston Scientific has announced that it has amended its merger agreement with Advanced Bionics, a firm it acquired in 2004, with the companies eliminating their shared management provisions and altering the earnout payments schedule

Following these changes, Boston Scientific is now the sole manager of the pain management business of the firm, including its emerging indications programme.

Additionally, Boston Scientific has entered into agreements to sell the drug pump development programme and auditory business to principles of Advanced Bionics, with these divestments subject to approval by former Advanced Bionics shareholders who – under the original merger agreement – will be entitled to earnout payments.

Jim Tobin, president and chief executive officer of Boston Scientific, said: “We are excited about the immediate and long-term growth opportunities presented by neuromodulation as an integral part of the company.”

He added that the firm hoped to repeat its successful deployment of pain management technology for a range of conditions, boosting its cardiac rhythm management and neuromodulation position and developing its capabilities in microelectronics.

Earlier this month, Boston Scientific announced that, following an examination of the prospect of divesting a minority share in the unit, the firm is to retain the entirety of its endosurgery group.