Boston Scientific completes sale to Avista

Boston Scientific has completed the sale of its fluid management and venous access businesses to Avista Capital Partners for $425 million (218 million pounds) in cash.

Jim Tobin, president and chief executive officer (CEO) of Boston Scientific, confirmed that the sale completed the company’s previously announced plans to divest five non-strategic businesses.

“These divestitures – together with our expense and head count reductions and business restructuring – ]are helping to realign our cost structure and simplify our operating model,” he outlined.

Mr Tobin went on to suggest that the sale would help the company achieve its overall goals of restoring profitable growth and increasing shareholder value.

The chairman and CEO of the new company Ron Sparks expressed his excitement of working with the “exceptional” management team at Avista to build on the strategic leadership positions that the businesses currently held in the cardiology, radiology and oncology markets.

Founded in 2005, Avista Capital Partners is a private equity firm with offices in New York and Houston.

Last month, Boston Scientific announced the completion of the sale of its cardiac surgery and vascular surgery business units to the Getinge Group for a total sum of $750 million (380 million pounds) in cash.