Boston Scientific Mulls Sale of Two Units
NEW YORK (TheStreet) -- Medical device maker Boston Scientific (BSX) - Get Boston Scientific Corporation Report is looking to sell its Target Therapeutics and neuromodulation units, Bloomberg reports, citing an unnamed source that wished to remain anonymous.
Boston Scientific said it believes the growth of drug-coated cardiac stents and heart defibrillator sales will moderate this year, while Wells Fargo Securities analyst Larry Biegelsen noted that the sale could bring in proceeds of around $2 billion,
Bloomberg
reports.
Johnson & Johnson
(JNJ) - Get Johnson & Johnson Report
and
Abbott Laboratories
(ABT) - Get Abbott Laboratories Report
could be logical candidates to purchase the neuromodulation and Target units, respectively, according to
Bloomberg
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, citing Sanford C. Bernstein analyst Derrick Sung.
The unnamed source that
Bloomberg
cited said that
Bank of America
will be advising Boston Scientific on the sale of the two units and that the medical device maker has been approaching possible buyers in the last few weeks.
-- Reported by Andrea Tse in New York
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