Advanced Bionics is known for its work on implantable microelectronics as reported in Canada.com.
Boston Scientific to acquire Advanced Bionics, cochlear implant maker
Tuesday, June 01, 2004
NATICK, Mass. (AP) – Boston Scientific Corp. said Tuesday it will acquire Advanced Bionics Corp., a maker of implantable microelectronics for treating neurological disorders, including cochlear implants for the deaf.
Boston Scientific will pay $740 million US initially for privately held Advanced Bionics, with additional compensation to be determined by the company’s future performance, Boston Scientific spokesman Paul Donovan said.
The Natick-based medical device manufacturer hopes the purchase will expand its presence in the $1.6-billion implantable microelectronic device market.
“The addition of the Advanced Bionics team to Boston Scientific brings an expertise in implantable neurostimulation devices that will complement and enhance our existing less-invasive technologies,” Boston Scientific president and chief executive Jim Tobin said.
By delivering focused electrical currents to targeted nerve fibres, Advanced Bionics’ devices treat neurological conditions, including lower back pain, urinary incontinence, Parkinson’s disease, tremor and epilepsy. It is also the only U.S. manufacturer of cochlear implants.
“I believe the combination of Advanced Bionics technology platforms and the Boston Scientific entrepreneurial philosophy is capable of achieving tremendous outcomes for physicians and patients,” said Advanced Bionics chairman and CEO Al Mann, who will continue to lead the company.
Valencia, Calif.-based Advanced Bionics employs 550 people in the United States, Europe and Japan. It has nearly 100 patents pending. The company expects sales of about $82 million in 2004.
The transaction is expected to close within days.
Boston Scientific shares were up 10 cents at $44.40 in midday trading on the New York Stock Exchange.
? Copyright 2004 The Canadian Press