Summary
Boston Scientific Corporation (BSX) filed an 8-K on January 9, 2008, to report on the closing of an amended merger agreement with Advanced Bionics, originally announced on August 9, 2007. A key development is the sale of controlling interests in its auditory business and drug pump development program to former principals and shareholders of Advanced Bionics. This transaction involves significant financial considerations. Boston Scientific paid former Advanced Bionics shareholders $650 million in consolidated, fixed earnout payments, with an additional $500 million due in March 2009. In return, the former Advanced Bionics parties paid Boston Scientific $150 million for the controlling interests in the specified business segments. This filing also includes amendments to the merger agreement and business purchase and sale agreement, along with a related press release.
Key Highlights
- 1Completion of amended merger agreement with Advanced Bionics, originally announced August 9, 2007.
- 2Sale of controlling interests in Boston Scientific's auditory business and drug pump development program to former Advanced Bionics principals and shareholders.
- 3Boston Scientific paid $650 million to former Advanced Bionics shareholders, with a further $500 million payable in March 2009.
- 4Former Advanced Bionics principals and shareholders paid Boston Scientific $150 million for the acquired controlling interests.
- 5Filing includes Amendment No. 2 to the Agreement and Plan of Merger.
- 6Filing includes Amendment No. 1 to the Cochlear Implant Business Purchase and Sale Agreement.
- 7A press release dated January 4, 2008, related to these transactions is also filed.