December 14, 2007 - Boston Scientific Corp. has agreed to sell its Fluid Management and Venous Access businesses to Avista Capital Partners for $425 million in cash; the transaction is expected to close in the first quarter of 2008, subject to regulatory approvals and customary conditions
Avista said that upon close of the transaction, the combined Fluid Management/Venous Access business would operate as an independent company under a new name.
The Fluid Management franchise, formerly North American Medical Instruments Corporation (NAMIC), produces a range of products used to manage fluid and measure pressure during angiography and angioplasty procedures. The Fluid Management franchise employs approximately 750 people in its Glens Falls, NY manufacturing facility.
The Venous Access franchise, whose products are also manufactured in Glens Falls, offers a portfolio of implantable devices designed to provide access to the blood stream for patients requiring intravenous antibiotics, nutrition, chemotherapy and blood sampling. The Venous Access franchise is part of Boston Scientific's Oncology business, and employs approximately 150 people in locations around the U.S.
Boston Scientific has also recently announced agreements to sell its Cardiac Surgery, Vascular Surgery and Auditory businesses.
For more information: www.bostonscientific.com, www.avistacap.com