Boston Scientific to buy Target
Acquisition-minded Boston Scientific plans to add another companyto its portfolio. The Natick, MA, catheter developer last monthannounced an agreement to acquire Target Therapeutics, a Fremont,CA, company that develops catheters and other devices used
Acquisition-minded Boston Scientific plans to add another companyto its portfolio. The Natick, MA, catheter developer last monthannounced an agreement to acquire Target Therapeutics, a Fremont,CA, company that develops catheters and other devices used inminimally invasive procedures to treat neurovascular diseases.Target also has a strong position in interventional neuroradiology.
Boston Scientific plans to trade 1.07 shares of its stock foreach Target share in a stock swap valued at $1.1 billion. Targetlast week posted revenues for its third quarter of fiscal 1997(end-December) of $23.9 million, compared with $19 million inthe same period of fiscal 1996. The company had third-quarternet income of $3.8 million, compared with $3.6 million in thesame period a year ago. The acquisition is expected to close inthe second quarter.
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