Boston Scientific to spin off businesses

Interventional device developer Boston Scientific of Natick, MA, has signed an agreement with Avista Capital Partners to sell its fluid management and venous access businesses.

The deal is estimated at $425 million, and is part of Boston Scientific's strategy of divesting its nonstrategic assets, the company said. When the deal closes, the two businesses will operate as an independent company under a new name. Dave McClellan, president of Boston Scientific's oncology business, will become president of the new company.

The fluid management business, formerly North American Medical Instruments, produces products used to manage fluid and measure pressure during angiography and angioplasty procedures. The venous access business offers a portfolio of implantable devices designed to provide access to the bloodstream for patients requiring intravenous antibiotics, nutrition, chemotherapy, and blood sampling, according to Boston Scientific.

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