Boston Scientific Mulls Sale of Two Units

Medical device maker Boston Scientific is looking to sell its Target Therapeutics and neuromodulation units, a report says.
Author:
Publish date:


NEW YORK (TheStreet) -- Medical device maker Boston Scientific (BSX) - Get 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 Report

and

Abbott Laboratories

(ABT) - Get Report

could be logical candidates to purchase the neuromodulation and Target units, respectively, according to

Bloomberg

, 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

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.

Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.