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Abbott Laboratories to make $3.8 billion acquisition

Date published: 11/01/2006

Abbott Laboratories is to buy the entire vascular business of Guidant from Boston Scientific. The announcement follows Boston Scientific's move to buy Guidant and the deal to buy the vascular business is contingent on Boston Scientific completing its acquisition.

An Abbott spokesman said: "The agreement would provide Abbott with Guidant's vascular intervention and endovascular solutions businesses, including vascular commercial, R&D and manufacturing operations, as well as the market-leading line of coronary and peripheral vascular products."

If the agreement goes through Abbott would pay Boston Scientific $3.8 billion for the vascular business along with milestone payments of $250 million at US approval of Guidant's drug-eluting stent Xience, and an additional payment of $250 million upon a similar approval in Japan.

The deal would also see Abbott providing a five-year $700 million interest-bearing loan to Boston Scientific.

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