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Boston Scientific Agrees to Sell Neurovascular Business to Stryker
Date:10/28/2010

NATICK, Mass., Oct. 28 /PRNewswire-FirstCall/ -- Boston Scientific Corporation (NYSE: BSX) today announced the execution of a definitive agreement under which Stryker Corporation will acquire Boston Scientific's Neurovascular business.  The purchase price is $1.5 billion, payable in cash, of which $1.4 billion is payable at closing and $100 million will be payable following the closing and upon the occurrence of the commercialization of the next-generation Target™ Detachable Coils and the transfer or separation of certain manufacturing facilities, which is anticipated to occur over a period of approximately 24 months. The Company expects to record a gain upon closing in excess of $500 million, excluding any impact of the receipt of future milestone payments.  Total after-tax proceeds, assuming the achievement of these milestones, are expected to be approximately $1.2 billion.  The Company expects to allocate approximately half of the net proceeds to acquisitions and the remainder to the retirement of pre-payable debt.  The transaction is expected to close before the end of the year, subject to receipt of regulatory clearances and satisfaction of other customary conditions.  As a result of the divestiture, the Company expects 2011 earnings per share to be diluted by approximately four to six cents on both a GAAP and adjusted basis.

The Company will provide transitional services to Stryker through a transition services agreement, and will also supply products to Stryker.  During the transition period, products will generally be sold to Stryker at cost, with minimal contribution to Boston Scientific's gross profit.  These transition services and supply agreements are expected to be effective for a period of approximately 24 months following the closing of the transaction, subject to extension. Due to the Company's continuing involvement i
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SOURCE Boston Scientific Corporation
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