Boston Scientific sells endovascular aortic repair business
7 April 2008
In a further restructuring move, Boston Scientific Corporation (NYSE:BSX)
has announced the sale of its endovascular aortic repair business,
Boston Scientific Santa Rosa Corp, to TV2 Holding Company, a private
company based in Santa Rosa, California.
Formerly known as TriVascular, Inc, Boston Scientific Santa Rosa Corp
holds equipment and intellectual property related to the TriVascular
endovascular aortic repair (EVAR) program. Terms of the sale include $30
million in cash and a warrant allowing Boston Scientific to purchase a
minority interest in TV2.
Boston Scientific acquired TriVascular, which was founded to develop
EVAR devices and procedures for treating abdominal aortic aneurysms (AAA),
in April 2005. Boston Scientific discontinued its EVAR program in 2006.
"The sale of this business is the latest example of Boston
Scientific's commitment to divesting non-strategic assets," said Jim
Tobin, President and Chief Executive Officer of Boston Scientific.
"These divestitures, together with our expense and head count reductions
and business restructuring, are helping realign our cost structure and
simplify our operating model as we progress toward achieving our overall
goals of restoring profitable growth, increasing shareholder value and
strengthening Boston Scientific for the future."