Boston Scientific completes neurovascular unit sale to Stryker

Boston Scientific has finalised the sale of its neurovascular business unit to fellow medical device manufacturer Stryker.

The transaction involves a payment of $1.5 billion (963.9 million pounds), of which $1.45 billion has already been received, with the remainder to be paid upon the transfer or separation of certain manufacturing facilities.

This move coincides with Boston Scientific's announcement that it has prepaid the entire $600 million of its 6.00 percent senior notes due June 15th 2011 using cash in hand.

According to the company, these two accomplishments will serve to significantly improve the financial flexibility of Boston Scientific and assist in its execution of key growth strategies.

"This substantial debt prepayment highlights our continuing strong cash flow, commitment to debt reduction and progress in achieving our capital structure goals," said Ray Elliott, president and chief executive officer of Boston Scientific.

In addition, Boston Scientific has this week been able to complete its takeover of Sadra Medical, manufacturer of the Lotus Valve System for percutaneous aortic valve replacement.