Boston Scientific announces sale of vascular and cardiac surgery units

Boston Scientific has announced that it has signed an agreement to sell its vascular surgery and cardiac surgery business units to global healthcare provider the Getinge group for a total cash price of $750 million (360.3 million pounds).

The transaction is expected to be closed within three months and is subject to standard closing conditions and regulatory authority for the deal.

Boston Scientific had previously announced its plans to sell these businesses in August as part of its intention to divest non-strategic assets and boost value for its shareholders.

The firm originally purchased the cardiac surgery business unit from April 2006 as part of its transaction with Guidant, while it acquired the vascular surgery segment in 1995.

Jim Tobin, president and chief executive officer of Boston Scientific, said: “We deeply appreciate the contributions our cardiac surgery and vascular surgery employees have made to Boston Scientific, our customers and their patients.”

He added that these individuals would continue to serve their patients and customers well into the future under their new management.

In August 2007, Boston Scientific announced that its endosurgery group would remain a wholly-owned subsidiary of the firm, following its examination of the possibility of an initial public offering of a minority share in the unit.