November 8, 2007
Aspect: Boston Sci. can sell our stock
By Matthew L. Brown
Norwood-based Aspect Medical Systems Inc. has given Boston Scientific Corp. of Natick permission to sell its 1.5 million shares of Aspect common stock to New York-based health care fund manager OrbiMed Advisors LLC.
When BSX bought the Aspect shares in June, it agreed not to sell the shares to a third party for 180 days. In the agreement, BSX said it would give Aspect first dibs on the shares when it came time to sell.
Aspect has waived both requirements, and OrbiMed has agreed to buy all of BSX's shares of Aspect. Aspect makes brain monitoring equipment.
Shares of Aspect stock were trading at $13 this morning.
BSX has been selling off business units, and plans to lay off 2,300 employees by the end of next year in an effort to get out of the debt it took on by purchasing Guidant Corp. for $27 billion, and to return to profitability as sales of one of its primary products, drug-coated heart stents, slide.
When BSX bought the Aspect shares in June, it agreed not to sell the shares to a third party for 180 days. In the agreement, BSX said it would give Aspect first dibs on the shares when it came time to sell.
Aspect has waived both requirements, and OrbiMed has agreed to buy all of BSX's shares of Aspect. Aspect makes brain monitoring equipment.
Shares of Aspect stock were trading at $13 this morning.
BSX has been selling off business units, and plans to lay off 2,300 employees by the end of next year in an effort to get out of the debt it took on by purchasing Guidant Corp. for $27 billion, and to return to profitability as sales of one of its primary products, drug-coated heart stents, slide.
WBJ Web Partners
Most Recent
Most Recent
0 Comments