Boston Scientific Completes Sale of Auditory Business and Drug Pump Development Prograam
Company retains ownership of Pain Management business
NATICK, Mass., Jan. 4 -- Boston Scientific Corporation (NYSE:BSX) today announced that it has completed the sale of the controlling interests in its auditory business and drug pump development program to former principals and shareholders of Advanced Bionics. Boston Scientific acquired Advanced Bionics in 2004. The sale coincides with the closing of the amended merger agreement with Advanced Bionics announced on August 9, 2007.
As part of a new schedule of consolidated, fixed earnout payments, Boston Scientific has paid former Advanced Bionics shareholders $650 million. A final payment of $500 million will be paid in March 2009. The former Advanced Bionics principals and shareholders have paid Boston Scientific $150 million for the controlling interests in the auditory business and drug pump development program.
Under the amended merger agreement, Boston Scientific obtains sole management control of the Pain Management business, including the emerging indications program. The Pain Management business includes spinal cord stimulation technologies, as well as emerging technologies such as a variety of applications of the bion® microstimulator. The Pain Management business and emerging indications program will operate as Boston Scientific Neuromodulation under the leadership of Michael Onuscheck, currently head of the Pain Management business. The business will continue to be headquartered in Valencia, California.
As part of the transactions, the parties have agreed to dismiss currently pending litigation between Boston Scientific and former Advanced Bionics shareholders.
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: www.bostonscientific.com.
CONTACT:
Paul Donovan
508-650-8541 (office)
508-667-5165 (mobile)
Media Relations
Boston Scientific Corporation
Dan Brennan
508-650-8538 (office)
617-459-2703 (mobile)
Investor Relations
Boston Scientific Corporation
Source: Boston Scientific Corporation
Web site: www.bostonscientific.com/
