Boston Scientific Corporation is exploring the sale of its cardiac surgery and vascular surgery businesses in line with its proposed shedding of non-strategic assets, and to strengthen its operating and financial performance, by reducing debt incurred by the $27-billion acquisition of Guidant Corporation.
Paul LaViolette, chief operating officer, Boston Scientific, said, "This is another step in the progress we are making on our plan to divest non-strategic assets, monetise our investment portfolio and bring our expenses and head count in line with our revenues," added LaViolette.
"As part of an ongoing review of our assets, we have initiated a process to explore the sale of our cardiac surgery and vascular surgery businesses. We are in discussions with several potential buyers, and we expect the process to take a number of months," said Paul LaViolette, chief operating officer of Boston Scientific.
The company acquired the cardiac surgery business in April 2006 as part of the Guidant acquisition. The cardiac surgery business had 2006 revenues of $189 million and is leading developer of medical technologies designed to provide less-invasive therapies in cardiac surgery, including beating heart bypass surgery systems, endoscopic vessel harvesting for coronary bypass surgery, and microwave surgical ablation.
It makes devices like retractors that hold the chest open during heart surgery and vacuum cups that help doctors performing bypass surgery hold beating hearts steady or turn them to one side. It also makes devices for harvesting blood vessels from other parts of the body that are then sewn into the heart to bypass clogged coronary arteries.