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Boston Scientific Completes Sale of Neurovascular Business
Date:1/3/2011

NATICK, Mass., Jan. 3, 2011 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) today announced that it has completed the sale of its Neurovascular business to Stryker Corporation.  The sale price is $1.5 billion, of which $1.45 billion was received at closing (including an upfront payment of $1.376 billion, a $50 million milestone payment associated with the commercialization of the next-generation Target™ Detachable Coils, and $24 million which will be placed into escrow to be released upon the completion of local closings in certain foreign jurisdictions).  The remaining $50 million will be payable upon the transfer or separation of certain manufacturing facilities.  The sale follows the definitive agreement announced on October 28, 2010.

The Company plans to record a pre-tax gain associated with the sale of its Neurovascular business in excess of $500 million in the first quarter of 2011, 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.  Boston Scientific expects 2011 earnings per share, excluding the impact of the gain on the sale, to be diluted by approximately four to six cents on both a GAAP and adjusted basis.

The Company also announced that on December 31, 2010 it prepaid all $600 million of its 6.00 percent senior notes due June 15, 2011, using cash on hand.  The Company plans to record a pre-tax charge, not included in previous guidance, of approximately $15 million (approximately $9 million after tax, or $0.01 per share) in the fourth quarter of 2010 representing accelerated interest expense associated with the prepayment.

"The sale of our Neurovascular business and the prepayment of $600 million of debt significantly strengthen our financial flexibility and enhance our cap
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SOURCE Boston Scientific Corporation
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