Medpharm: Abbott Labs buys Guidant vascular biz for $4.1B
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Manufacturing News, Source : The Manufacturer US
Published : 21 Apr 2006 21:17
Abbott Laboratories has completed its $4.1 billion purchase of Guidant Corp.'s vascular business from Guidant's new parent, Boston Scientific.
Abbott will pay Boston Scientific $250 million when the FDA approves Guidant's drug-eluting stent, and $250 million more upon approval by regulators in Japan for sale of the stent there.
Abbott will absorb 4,000 Guidant employees.
Abbott has also bought about 64 million shares of Boston Scientific stock, and floated Boston Scientific a $900 million five-year interest-bearing loan.
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