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Stryker submits offer for Boston Scientific: WSJ
Posted on Tuesday, 12 June 2018 15:17
US medical technologies maker Stryker has lodged a takeover approach for Boston Scientific, a Massachusetts-headquartered manufacturer of devices used in interventional medical specialities, according to the Wall Street Journal.
Reuters picked up on a report by the paper, which cited people familiar with the matter as saying that it is not yet clear whether the prospective target, which is publicly traded in New York, is open to the possibility of being taken over.
No financial details of the offer have been disclosed at this time.
However, Boston Scientific’s share price was affected by the development; stocks closed up 7.4 per cent at USD 34.32 on 11th June, following the WSJ report.
On this basis, the group can be valued at USD 47.36 billion.
Both companies involved have so far declined to comment on the news.
Reuters noted that if an acquisition does go ahead, it would result in the creation of an enlarged business with a market value in excess of USD 110.00 billion and a product range spanning the cardiology, orthopaedics, surgical supplies and neuroscience markets.
Marlborough-headquartered Boston Scientific has locations in 40 countries worldwide and treats some 24.00 million patients each year using its range of 13,000 products.
The company employs 27,000 people and posted net sales of USD 2.38 billion in the opening three months of 2018, compared to the USD 2.16 billion generated over the corresponding period of 2017.
Gross profit for the period stood at USD 1.71 billion, compared to USD 1.51 billion in Q1 2017.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 267 deals targeting surgical and medical instrument manufacturers announced worldwide since the beginning of 2018.
The most valuable of these was worth USD 2.10 billion and saw Platinum Equity pick up LifeScan from Johnson & Johnson.
Other companies in the sector to have been targeted since the start of January include Abaxis, Sirtex Medical and Integet Holdings’ advanced surgical and orthopaedics business.
© Zephus Ltd