Boston Scientific Corporation has completed the sale of the controlling interests in its auditory business and drug pump development program to former principals and shareholders of Advanced Bionics. The sale coincides with the closing of the amended merger agreement with Advanced Bionics. As part of a new schedule of consolidated, fixed earn out payments, Boston Scientific has paid former Advanced Bionics shareholders US$ 650 million and a final payment of US$ 500 million is due in the March 2009. The former Advanced Bionics principals and shareholders have paid Boston Scientific $150 million for the controlling interests in the auditory business and drug pump development program. As per the amended merger agreement, Boston Scientific gets sole management control of the Pain Management business, including the emerging indications program. The Pain Management business comprises spinal cord stimulation technologies, and emerging technologies such as a variety of applications of the bion(R) microstimulator. |
