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Boston Scientific sells two business units for USD 425m

US medical device company Boston Scientific agrees to sell its fluid management and venous access business to US private equity firm Avista Capital Partners for USD 425m in cash

US medical device company Boston Scientific has agreed to sell its fluid management and venous access business to US private equity firm Avista Capital Partners for USD 425m in cash.

Boston says the deal, which is set to complete in Q1 2008, is part of a wider plan to sell non-strategic businesses.

Avista was reported as saying that the venous access and fluid management businesses, which Boston says will rack up USD 170m in sales in FY07, would operate as one company under a new name after deal is closed.

Boston says that its fluid management business, which is part of its oncology unit, makes products used to manage fluids and pressure during certain cardiac procedures. The venous access business has a line of implant devices used to deliver treatments into the bloodstream. The business has 150 employees at various US sites.

Boston, which employs a total of 28,600 workers, reported a FY06 net loss of approximately USD 3.6bn on revenue of USD 7.8bn.

The increased loss has been caused by slower sales of the company's drug-eluting coronary stents, which have been the subject of safety concerns. Boston has also been struggling to manage the debt incurred from its 2006 purchase of cardiac device manufacturer Guidant for USD 27bn.

18th December 2007

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