Summary
Boston Scientific Corporation (BSX) has entered into a material definitive agreement to expand its licensing rights related to paclitaxel and other agents in the coronary vascular field. On November 23, 2004, the Company exercised its right under an existing licensing agreement with Angiotech Pharmaceuticals, Inc. and Cook Incorporated to secure an exclusive license for these technologies. This exclusive license comes with a financial commitment, including an additional one percent royalty on certain sales to Angiotech. Furthermore, Boston Scientific has gained the right to sublicense Angiotech's technology in this specific field to third parties, for which it will pay approximately $14 million and other contingent amounts. This strategic move is likely intended to bolster Boston Scientific's product portfolio and competitive position within the coronary vascular market.
Key Highlights
- 1Boston Scientific Corporation (BSX) entered into a material definitive agreement to secure an exclusive license for paclitaxel and other agents in the coronary vascular field.
- 2The exclusive license was obtained by exercising rights under an existing licensing agreement with Angiotech Pharmaceuticals, Inc. and Cook Incorporated.
- 3The agreement involves an amendment executed on November 23, 2004.
- 4BSX will pay Angiotech an additional one percent royalty on certain sales in exchange for the exclusive license.
- 5Angiotech granted BSX the right to sublicense its technology in the coronary vascular field to third parties.
- 6BSX will pay approximately $14 million and other contingent amounts for the sublicensing rights.