Boston Scientific mulls unit IPO |
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Mon, 12 Mar 2007 22:35
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NATICK, Mass. (AP) - Medical device maker Boston Scientific Corp. said Monday its board of directors gave management permission to 'explore' an initial public offering of a minority interest in the company's endosurgery group.The IPO would involve the company selling 20 percent of the endosurgery group and creating a new publicly traded company. That new company would still be a majority-owned subsidiary of Boston Scientific.The group, which makes products for the endoscopy, urology and oncology markets among others, is expected to generate more than $1.4 billion in revenue in 2007, the company said.Boston Scientific said it hopes to have an answer regarding a potential IPO in the next six to 12 months.Shares of Boston Scientific fell 61 cents, or 3.9 percent, to close at $15.16 on the New York Stock Exchange. The stock has traded between $14.43 and $23.96 over the last 52 weeks.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Boston Scientific 4Q net drops 17 pct. 