BSX Completes Sale, Pays Off Debt
Natick-based medical device manufacturer Boston Scientific has completed the $1.5 billion sale of its neurovascular division and has paid off $600 million in liabilities.
The company’s previously announced sale of the neurovascular business to Stryker Corp. comes with a $1.3 billion upfront payment. The rest of the money will be paid when certain milestones are reached and once manufacturing facilities are transferred to Stryker. The transaction is expected to positively impact the company’s first quarter earnings.
The company also prepaid $600 million of outstanding notes on the last day of 2010. The 6 percent notes are due on June 15 of this year.
Company president Ray Elliot said the influx of cash and paying off of debt “significantly strengthen(s) our financial flexibility” for future acquisitions.
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