Boston Scientific sells Santa Rosa branch for $30M
Boston Scientific has sold Boston Scientific Santa Rosa Corporation, formerly known as TriVascular, to TV2 Holding, a privately held Santa Rosa, Calif.-based company.
Terms of the sale included $30 million in cash paid at closing to Boston Scientific and a warrant allowing Boston Scientific to purchase a minority interest in TV2, according to the Natick, Mass.-based company.
Boston Scientific Santa Rosa holds equipment and intellectual property related to the TriVascular endovascular aortic repair (EVAR) program. Boston Scientific acquired TriVascular, which was founded to develop EVAR devices and procedures for treating abdominal aortic aneurysms, in April 2005.
However, Boston Scientific discontinued its EVAR program in 2006.
“The sale of this business is the latest example of Boston Scientific's commitment to divesting non-strategic assets,” said Jim Tobin, president and CEO of Boston Scientific. “These divestitures -- together with our expense and head count reductions and business restructuring -- are helping realign our cost structure and simplify our operating model as we progress toward achieving our overall goals of restoring profitable growth, increasing shareholder value and strengthening Boston Scientific for the future.”
Terms of the sale included $30 million in cash paid at closing to Boston Scientific and a warrant allowing Boston Scientific to purchase a minority interest in TV2, according to the Natick, Mass.-based company.
Boston Scientific Santa Rosa holds equipment and intellectual property related to the TriVascular endovascular aortic repair (EVAR) program. Boston Scientific acquired TriVascular, which was founded to develop EVAR devices and procedures for treating abdominal aortic aneurysms, in April 2005.
However, Boston Scientific discontinued its EVAR program in 2006.
“The sale of this business is the latest example of Boston Scientific's commitment to divesting non-strategic assets,” said Jim Tobin, president and CEO of Boston Scientific. “These divestitures -- together with our expense and head count reductions and business restructuring -- are helping realign our cost structure and simplify our operating model as we progress toward achieving our overall goals of restoring profitable growth, increasing shareholder value and strengthening Boston Scientific for the future.”