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."

To top