The Natick, Mass.-based medical device giant (NYSE: BSX) is selling the units to Avista Capital Partners, a New York-based private equity firm.
The transaction is expected to close in the first quarter of 2008, subject to regulatory approvals and customary conditions. Boston Scientific previously announced its intent to sell the businesses as part of its plan to divest non-strategic assets.
The combined fluid management/venous access business will operate as an independent company under a new name, according to a statement from the company. Ron Sparks, an Avista healthcare industry advisor, will become chairman and chief executive officer of the new company. Dave McClellan, president of Boston Scientific's oncology business, will become president of the new company.
The fluid management franchise, formerly known as North American Medical Instruments Corp., produces products used to manage fluid and measure pressure during angiography and angioplasty procedures. The franchise employs approximately 750 people in its Glens Falls, NY manufacturing facility.
The venous access franchise, whose products are also manufactured in Glens Falls, includes several implantable devices designed to provide access to the blood stream for patients requiring intravenous antibiotics, nutrition, chemotherapy and blood sampling. The venous access unit is part of Boston Scientific's oncology business, and employs approximately 150 people in locations around the United States.
Boston Scientific also said recently it has signed agreements to sell its cardiac surgery, vascular surgery and auditory businesses.
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source: bizjournals.com
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