Boston Scientific to Sell Parts of Advanced BionicsBoston Scientific to Sell Parts of Advanced Bionics
Just three years after acquiring Advanced Bionics, Boston Scientific Corp. (Natick, MA) has announcedÂ plans to sell part of the company. An agreement to amend the original terms of the deal followsÂ Boston Scientific's reported attemptsÂ to pushÂ Advanced Bionics' founder, Alfred Mann, out of the company.
August 10, 2007
According to the New York Times, a judge granted Mann an injunction in April that blocked Boston Scientific from firing him or chief executive Jeffrey Greiner from daily management at the company.Boston Scientific willÂ give formerÂ Advanced Bionics shareholders $1.15 billion to buy the company'sÂ pain management division. It will also sellÂ back the company's auditory business and drug pump development program to an Advanced Bionics investment group for $150 million. The deal should save Boston Scientific $500 million in payments and possibly $2.1 billion that could have come up in the future. The transaction is expected to be completed in January 2008.UPDATE: The sale has been completed.
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