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Boston Scientific
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== History == Boston Scientific was formed June 29, 1979, in Watertown, Massachusetts, as a holding company for the medical products company, Medi-Tech, Inc., and to position the company for growth in interventional medicine.{{Sfn|"About Boston Scientific"}} Medi-Tech was the brainchild of [[Itzhak Bentov]], a [[Czech Republic|Czech-born]] émigré to [[Israel]] and then to the [[United States]], who worked at the [[Arthur D. Little]] think tank in [[Cambridge, Massachusetts]], and ran a contract research company from his rented house in [[Belmont, Massachusetts]], a venture he founded in 1965 with a business friend, Dan Singer. In 1967 he was asked by [[Beth Israel Deaconess Medical Center|Boston Beth Israel Hospital]] radiologists to design a steerable, remotely controlled catheter; a series of engineering designs, polymer improvements and prototypes led to the release of a new steerable angiography catheter in 1969. That year John Abele joined the small company with an option to buy, and a year later he exercised his option with Cooper Labs as a business partner, and the operation was moved – out of Bentov's lab in the basement of the rectory of a Catholic church{{Sfn|''MassDevice'', June 9,|2010}} in [[Belmont, Massachusetts|Belmont]] – to Watertown. After a decade of steady growth, by chance Abele met Pete Nicholas in their neighborhood in [[Concord, Massachusetts]]. Their partnership hinged on Nicholas' goal to build business enterprises and Abele's predilection for the vision and potential in noninvasive surgical instrumentation; they gathered backers in the Boston banking community to buy out the Cooper Labs interest and form the new corporation.{{Cn|date=June 2024}} Less than a year later Kimray Medical Associates (later Mansfield Scientific, Inc.) was acquired, adding vena cava filters and cardiac output computers to the product line. By 1982 a renovated mill building in Watertown was transformed into a manufacturing plant. Acquisitions continued, with Endo-Tech (Microvasive, Inc.: gastrointestinal and pulmonary) in 1981 and then Van-Tec (urology) in 1988, and an international presence was expanded. Mansfield Scientific, Microvasive, and Medi-Tech merged into Boston Scientific December 31, 1988.{{Sfn|Business Entity Summary}} === Initial public offering (1992) === On May 19, 1992, Boston Scientific launched an [[initial public offering]] of 23.5 million shares, of which 18.8 million were offered in the U.S. and 4.7 million were offered outside the U.S. The initial offering amounted to 23% of Boston Scientific's outstanding stock. The opening price was $17 per share.{{Sfn|"About Boston Scientific"}} [[Goldman, Sachs & Co.]] (lead) and [[PaineWebber Inc.]] were the [[Underwriting|underwriters]] and [[Abbott Laboratories]] held a 20% stake (23.5 million shares). The [[market capitalization]] was about $1.6 billion.{{Sfn|''Chicago Tribune'', April 4,|1992|p=2}}{{efn|Equivalent to about ${{Inflation|US|1.6|1992|r=1}} billion in {{Inflation/year|US}}.{{Sfn|"Consumer Price Index"}}{{Sfn|McCusker, October|1991}} }} The U.S. shares were listed on the [[New York Stock Exchange]]. === Post–IPO === [[File:Taxus_stent_FDA.jpg|thumb|[[Drug-eluting stent|TAXUS™ {{nowrap|Express{{sup|2}}™}} Paclitaxel-Eluting Coronary Stent]] ]] From 1995 through 1997, Boston Scientific increased its technology R&D and product offerings following several substantial acquisitions that included Cardiovascular Imaging Systems (intravascular ultrasound), SCIMED (cardiovascular), Vesica Medical (urology), Meadox (textile vascular prostheses), EP Technologies (cardiac ablation controllers),{{Sfn|''New York Times'', October 10,|1995|p=4D}} MinTec (abdominal aortic aneurysm grafts), Symbiosis Corporation (specialty medical product manufacture), and Target Therapeutics (on neurology).{{Sfn|Rodengen,|2001|p=163}} Boston Scientific acquired Target Therapeutics in a tax-free [[stock swap]] for about $1.1 billion, more than 10 times Target's total sales, in contrast to the usual [[Price–earnings ratio|multiple]] of 10 times earnings.{{Sfn|Lee,|2018|p=116}} The Taxus Stent was approved in 2003 in Europe and other countries and, in the United States, by the FDA in March 2004. It was the second drug-eluting stent approved in the United States.{{Sfn|Wood, March 4,|2004}} In April 2004 the company announced that it had exercised an exclusive option to acquire Precision Vascular Systems, Inc., as part of a series of agreements between Boston Scientific and Precision Vascular in 2002 – for an undisclosed sum.{{Sfn|Precision Vascular Systems, April 7,|2004}} In June Boston acquired Advanced Bionics Corporation for $740 million in cash, plus earn out payments.{{Sfn|Advanced Bionics Corporation, June 1,|2004}} In December Boston completed its acquisition of Advanced Stent Technologies, Inc., for $120 million payable in Boston Scientific stock, plus the possibility of future contingent payments. AST had been developing stent and stent delivery systems specifically designed to address the anatomical needs of [[coronary artery disease]] in bifurcated vessels.{{Sfn|Advanced Stent Technologies, December 16,|2004}} In April 2005, Boston exercised an exclusive option to acquire TriVascular, Inc., for an undisclosed sum and renamed it as Boston Scientific Santa Rosa Corporation, or BSSR. TriVascular was founded in January 1998 to develop less-invasive medical devices and procedures for treating [[abdominal aortic aneurysms]], but BSC discontinued its [[endovascular aortic repair]] ([[EVAR]]) program in 2006.{{Sfn|TriVascular, April 18,|2005}}{{Sfn|''Sacramento Business Journal'', March 23,|2008}} Also, in April 2005, BSC announced it had exercised its option to acquire CryoVascular Systems, Inc., and its proprietary [[angioplasty]] device to treat atherosclerotic disease of the legs and other peripheral arteries.{{Sfn|CryoVascular Systems, April 18,|2005}} In June Boston Scientific announced that its wholly owned subsidiary, Nemo I Acquisition, Inc., had successfully acquired [[Salt Lake City]]-based Rubicon Medical Corporation, with Rubicon became a wholly owned subsidiary of Boston Scientific.{{Sfn|Rubicon Medical Corporation, June 14,|2005}} In March 2008, BSC sold BSSR to TV2 Holding Company of [[Santa Rosa, California|Santa Rosa]]. Terms of the sale include $30 million in cash paid at the closing to BSC and a [[Warrant (finance)|warrant]] allowing BSC to purchase a minority interest in TV2.{{Sfn|TriVascular (sale of BSSR), March 31,|2008}}{{Sfn|''Sacramento Business Journal'', March 23,|2008}} ===Guidant merger=== In January 2006, the company announced an offer for its longtime competitor, [[Guidant]], for $72 per share or $25 billion.{{Sfn|Guidant, January 8,|2006}} The offer, however, was rejected. On April 21, 2006, BSC acquired [[Guidant]] for $27.2 billion. Guidant was split between BSC and [[Abbott Laboratories]].{{Sfn|''NBC News'', January 25,|2006}}{{Sfn|Guidant, April 21,|2006}} Four years later, in 2010, when moving its heart-rhythm business from its acquisition of Guidant, Boston Scientific eliminated 1300 jobs.{{Sfn|Karim, November|2012}} ===Post-merger=== In December 2007, Boston Scientific announced it would sell its Fluid Management and Venous Access businesses for $425 million to [[Avista Capital Partners]].{{Sfn|Fluid Management & Venous Access, December 13,|2007}} In April 2008, the company acquired CryoCor, Inc., for $1.35 per share, $17.6 million in total.{{Sfn|CryoCor, May 28,|2008}}{{Sfn|CryoCor Merger, April 16,|2008}} [[Navilyst Medical]] was formed in February 2008 from Boston Scientific's Fluid Management and Vascular Access business units.{{Sfn|''Xconomy'', August 5,|2008|}} In January 2009, Boston announced it would acquire Labcoat Limited, whose primary development was that of a development-stage drug-eluting stent – for an undisclosed sum.{{Sfn|Labcoat Ltd., January 6,|2009}} In October 2010, the company was fined $600,000 by the US Department of Justice for paying a US Army doctor to use their devices and recommend them to others.{{Sfn|''Seattle Times'', August 13,|2011|p=}} In the same month Boston Scientific acquired Asthmatx, Inc., for $193.5 million, with payments of up to $250 million being paid on the achievement of specified revenue-based criteria through 2019.{{Sfn|Asthmatx, October 26,|2010}} In January 2011, Boston acquired Atritech, Inc., for $100 million plus additional potential payments of up to $275 million.{{sfn|Ford, July 22,|2020}} Atritech developed a novel device called the Watchman® designed to close the left atrial appendage in patients with atrial fibrillation who are at risk for ischemic stroke.{{Sfn|Atritech, January 19,|2011}} In the same month, Boston Scientific acquired Intelect Medical, Inc., for $78 million{{Sfn|Intelect Medical, January 5,|2011}} and the remaining 86% of Sadra Medical, Inc., not already owned for $193 million plus contingent payments.{{Sfn|Sadra Medical, January 4,|2011}} At the same time, the business divested its neurovascular business to [[Stryker Corporation]] for $1.5 billion.{{Sfn|Neurovascular business, January 3,|2011}} In June 2012, Boston Scientific officially acquired Cameron Health for a total sum of $1.3 billion, paid out incrementally as various revenue milestones were achieved.{{Sfn|Cameron Health, June 8,|2012}} In September the company announced it would acquire BridgePoint Medical, Inc., developer of a catheter-based system to treat coronary chronic total occlusions.{{Sfn|BridgePoint Medical, September 19,|2012}} In October, the company acquired Rhythmia Medical, Inc., developer of mapping and navigation methods for use in cardiac catheter ablations and other electrophysiology procedures.{{Sfn|Rhythmia Medical, October 8,|2012}} A month later the business acquired catheter-based renal denervation system developer, Vessix Vascular, Inc.{{Sfn|Vessix Vascular, November 8,|2012}} In November 2013, Boston announced it would acquire Bard EP, the [[electrophysiology]] business of [[C.R. Bard, Inc.]],{{Sfn|Bard Electrophysiology, November 1,|2013}} for $275 million.{{Sfn|C.R. Bard Electrophysiology, June 28,|2013}} In May 2014, Boston acquired hysteroscopic intrauterine tissue removal specialist, IoGyn, Inc.{{Sfn|IoGyn, May 6,|2014}} In September, the business announced it would acquire the Interventional business of [[Bayer]].{{Sfn|Bayer Interventional Business, September 2,|2014}} In March 2015, the company announced it would acquire [[Endo International|Endo International Plc]]'s American Medical Systems urology business for at least $1.6 billion, expanding the company's health and prostate treatments.{{Sfn|''Bloomberg News'', March 2,|2015}} In April, Boston announced its intention to acquire Xlumena, Inc.{{Sfn|Xlumena, April 1,|2015}} In October Boston announced it had invested further in percutaneous [[mitral valve replacement]] system developer, MValve Technologies, gaining a right to acquire the business in the future.{{Sfn|MValve Technologies, October 8,|2015}} As of 2016, it operates in more than 100 countries, employs more than 24,000 people, and manufactures around 13,000 diverse products.{{Sfn|''Market Realist'', May 13,|2016}} In July 2016 the business acquired the manufacturer of radiofrequency ablation systems, Cosman Medical, Inc.{{Sfn|Cosman Medical, July 27,|2016}} In September, Boston announced it had acquired EndoChoice Holdings, Inc., becoming part of the Boston Scientific Endoscopy business for $8.00 per share or $210 million in total.{{Sfn|EndoChoice, November 22,|2016}}{{Sfn|''MassDevice'', August 27,|2016}} In November the company acquired the gynecology and urology portfolio of Distal Access, LLC, a company that designs minimally invasive medical devices.{{Sfn|Resectr™ Tissue Resection Device, November 15,|2016}} In December 2016, the business acquired a 15% stake in Neovasc, Inc., for $75 million.{{Sfn|Neovasc Advanced Biological Tissue, December 12,|2016}} In May 2017, the company acquired Symetis SA, a developer of minimally invasive [[transcatheter aortic valve implantation]] devices.{{Sfn|Symetis, May 16,|2017}} In October Boston acquired Apama Medical Inc. for up to $300 million.{{Sfn|Apama Medical, October 2,|2017}} In April 2018, Boston Scientific announced the triple closure of its acquisitions of women's health company, nVision Medical Corporation,{{Sfn|nVision Medical, April 16,|2018}} NxThera{{Sfn|NxThera, April 30,|2018}} and Securus Medical Group, Inc., for up to $50 million.{{Sfn|Securus Medical Group, April 3,|2018}} In July, Boston Scientific announced it would acquire Cryterion Medical, Inc,{{Sfn|Cryterion Medical, July 5,|2018}} Veniti, Inc.,{{Sfn|VENITI, August 8,|2018}} in August Augmenix, Inc., and Claret Medical, Inc.{{Sfn|Claret Medical, August 2,|2018}} and in October{{Sfn|Augmenix, October 16,|2018}} In late November Boston announce they would acquire UK medical device maker, [[BTG plc]], for $4.2 billion.{{Sfn|Keown, November 20,|2018}} BTG, before being acquired, was publicly traded and a constituent of the [[FTSE 250 Index]]. In late December, the company announced it would acquire Millipede, Inc for $325 million – after previously investing $90 million in the company.{{Sfn|Terry, December 28,|2018}} {{Portal|Companies}} In May 2019, the company announced it would acquire Vertiflex, Inc., with the aim of increasing its interventional pain therapy offerings. Vertiflex principally developed treatment for [[lumbar spinal stenosis]].{{Sfn|Vertiflex, May 9,|2019}} In January 2021, Boston announced it would acquire Minneapolis-based Preventice Solutions, Inc., and its portfolio of mobile cardiac health solutions for up to $1.2 billion.{{Sfn|Preventice Solutions, January 21,|2021}} In March, the business announced it would acquire Lumenis Ltd. for $1 billion from an affiliate of [[Baring Private Equity Asia]],{{Sfn|Lumenis Surgical Business, March 3,|2021}} who, in 2019, had acquired it from XIO Group.{{Sfn|''NS Medical Devices'', November 20,|2019}} In June, the company announced it would acquire the 73% of Farapulse, Inc., it did not already own, for $295 million. Farapulse was a [[University of Iowa]] [[Startup company|startup]]. The deal complimented Boston Scientific's existing electrophysiology portfolio.{{Sfn|Farapulse, June 24,|2021}} In September, the business announced it would acquire Devoro Medical, Inc., and its blood clot capturing technology.{{Sfn|Devoro Medical, September 21,|2021}} Boston Scientific had been a strategic investor in Devoro since 2019. In October, the company announced it would acquire Baylis Medical Company Inc. for $1.75 billion, expanding its electrophysiology and heart product portfolios (see [[Frank Baylis]]).{{Sfn|''Reuters'', October 6,|2021}}{{Sfn|''Globe and Mail'', October 6,|2021}} In June 2022, the business announced it would acquire M.I.Tech Co., Ltd., of South Korea, for around $230 million.{{Sfn|M.I.Tech Co., June 15,|2022}} The deal was cancelled in May 2023 citing regulatory hurdles.{{Sfn|''Fierce Biotech'', May 25,|2023}} In August, Boston announced it would acquire Obsidio, Inc.{{Sfn|Obsidio, August 15,|2022}} In September 2023, Boston Scientific acquired Relievant Medsystems, Inc. for an upfront cash payment of $850 million and undisclosed additional contingent payments based on sales performance over the next three years.<ref>{{Cite press release |last= |first= |title=Boston Scientific Announces Agreement to Acquire Relievant Medsystems, Inc. |url=https://www.prnewswire.com/news-releases/boston-scientific-announces-agreement-to-acquire-relievant-medsystems-inc-301931674.html |access-date=2023-09-19 |website=www.prnewswire.com |language=en |archive-date=September 20, 2023 |archive-url=https://web.archive.org/web/20230920213420/https://www.prnewswire.com/news-releases/boston-scientific-announces-agreement-to-acquire-relievant-medsystems-inc-301931674.html |url-status=live }}</ref> In January 2024, the company announced it would acquire [[Axonics, Inc.]] for $3.7 billion.<ref>{{cite web | url=https://www.biospace.com/article/releases/boston-scientific-announces-agreement-to-acquire-axonics-inc-/?s=79 | title=Boston Scientific Announces Agreement to Acquire Axonics, Inc | date=January 8, 2024 | access-date=January 11, 2024 | archive-date=June 1, 2024 | archive-url=https://web.archive.org/web/20240601135109/https://www.biospace.com/article/releases/boston-scientific-announces-agreement-to-acquire-axonics-inc-/?s=79 | url-status=live }}</ref> {{hidden begin|border=1px #aaa solid|title=Boston Scientific mergers & acquisitions|ta1=center}} {{Tree list}} *'''Boston Scientific''' **Precision Vascular Systems, Inc. <small>(Acq 2004)</small> **Advanced Bionics Corporation <small>(Acq 2004)</small> **Advanced Stent Technologies, Inc. <small>(Acq 2004)</small> **TriVascular, Inc. <small>(Acq 2005)</small> **CryoVascular Systems, Inc. <small>(Acq 2005)</small> **Nemo I Acquisition, Inc. ***Rubicon Medical Corporation <small>(Acq 2005)</small> **[[Guidant]] <small>(Acq 2006 and split between Boston and [[Abbott Laboratories]])</small> **CryoCor, Inc. <small>(Acq 2008)</small> **Labcoat Limited <small>(Acq 2009)</small> **Asthmatx, Inc. <small>(Acq 2010)</small> **Atritech, Inc. <small>(Acq 2011)</small> **Intelect Medical, Inc. <small>(Acq 2011)</small> **Sadra Medical, Inc. <small>(Acq 2011)</small> **Cameron Health <small>(Acq 2012)</small> **BridgePoint Medical, Inc. <small>(Acq 2012)</small> **Rhythmia Medical, Inc. <small>(Acq 2012)</small> **Vessix Vascular, Inc. <small>(Acq 2012)</small> **Bard EP <small>(Acq 2013)</small> **IoGyn, Inc. <small>(Acq 2014)</small> **[[Bayer]] <small>(Interventional business, Acq 2014)</small> **[[Endo International]] <small>(Urology business, Acq 2015)</small> **Xlumena, Inc. <small>(Acq 2015)</small> **Cosman Medical, Inc. <small>(Acq 2016)</small> **EndoChoice Holdings, Inc. <small>(Acq 2016)</small> **Distal Access, LLC <small>(Gynecology and Urology business, Acq 2016)</small> **Symetis SA <small>(Acq 2017)</small> **Apama Medical Inc. <small>(Acq 2017)</small> **nVision Medical Corporation <small>(Acq 2018)</small> **NxThera <small>(Acq 2018)</small> **Securus Medical Group, Inc. <small>(Acq 2018)</small> **Cryterion Medical, Inc. <small>(Acq 2018)</small> **Veniti, Inc. <small>(Acq 2018)</small> **Augmenix, Inc. <small>(Acq 2018)</small> **Claret Medical, Inc. <small>(Acq 2018)</small> **[[BTG plc]] <small>(Acq 2018)</small> ***British Technology Group <small>(Merged 1981)</small> ****[[National Research Development Corporation]] (NRDC) <small>(Est. 1948)</small> ****[[National Enterprise Board]] (NEB) <small>(Est. 1975)</small> ***Protherics Plc <small>(Acq 2008)</small> ***[[Biocompatibles]] <small>(Acq 2011)</small> ***Galil Medical <small>(Acq 2016)</small> ***Novate Medical <small>(Acq 2018)</small> **Millipede, Inc. <small>(Acq 2018)</small> **Vertiflex, Inc. <small>(Acq 2019)</small> **Preventice Solutions, Inc. <small>(Acq 2021)</small> **Lumenis Ltd <small>(Acq 2021)</small> **Farapulse, Inc <small>(Acq 2021)</small> **Devoro Medical, Inc. <small>(Acq 2021)</small> **Baylis Medical Company Inc <small>(Acq 2021)</small> **Obsidio <small>(Acq 2022)</small> **Relievant Medsystems, Inc. <small>(Acq 2023)</small> **Apollo Endosurgery, Inc <small>(Acq 2023)</small> **Axonics, Inc. <small>(Acq 2024)</small> **SoniVie Ltd <small>(Acq 2025)</small> {{Tree list/end}} {{hidden end}}
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