BSX To Sell Neurovascular Unit To Stryker For $1.5B
Natick-based Boston Scientific Corp. has signed an agreement to sell its neurovascular business to Stryker Corp. for $1.5 billion in cash.
BSX's neurovascular division is located in Fremont, Calif., and employs about 1,150 people. It reported revenue of $348 million last year.
The division develops less-invasive technologies used to treat brain aneurysms and other types of cerebrovascular diseases.
Stryker has facilities in Cambridge and Hopkinton and is based in Michigan.
The sale agreement calls for Stryker to pay $1.4 billion to close the deal, and $100 million once certain products being developed by the neurovascular division are brought to market and other requirements are met.
BSX said it expects total after-tax proceeds of about $1.2 billion, which it will use to make acquisitions and pay off debt.
The deal is expected to close before the end of the year.
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