Tuesday, August 17, 2010

Market Buzz: Stryker Eyeing Boston Scientific's Pain-Management Device Unit

Shares of Boston Scientific Corporation (NYSE: BSX) surged as much as 6% in midday trading Tuesday after Bloomberg reported that Stryker Corp. (NYSE: SYK), a maker of artificial hips and knees, is in advanced talks to buy the medical device maker’s pain-management device unit for about $1.5 billion. An agreement for the business, also called the neuromodulation unit, may be announced next week. The division is one of the two businesses Boston Scientific put up for sale earlier this year. The Natick, Massachusetts-based company is also seeking a buyer for its neurovascular products, which prevent strokes.

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