Stryker Says It Isn't in Deal Talks With Boston Scientific -- Update
June 13 2018 - 10:25AM
Dow Jones News
By Aisha Al-Muslim
Medical-technology company Stryker Corp. said Wednesday it is
not in discussions with Boston Scientific Corp. regarding a
potential takeover.
On Monday, The Wall Street Journal reported Stryker had made a
takeover approach to Boston Scientific, a move that would create a
medical-device giant and would be the latest effort to consolidate
a corner of the health-care industry that has produced a raft of
large deals lately.
Stryker said in a filing with the Securities and Exchange
Commission on Wednesday it doesn't typically comment on these
matters, but it chose to respond following market speculation about
a possible deal for Boston Scientific.
Stryker's filing didn't dispute that it had made a takeover
approach.
The Journal had reported it wasn't clear how receptive Boston
Scientific was to a deal. Boston Scientific said in a statement
after the Journal reported on the advance Monday that it was aware
of the report but declined to comment.
Boston Scientific declined to comment Wednesday after Stryker's
filing.
Stryker, based in Kalamazoo, Mich., is one of the largest makers
of knee- and hip-replacement parts, competing with companies
including Johnson & Johnson and Zimmer Biomet Holdings Inc.
Boston Scientific, based in Marlborough, Mass., is one of the
largest makers of heart devices such as pacemakers and
artery-opening stents, competing with Medtronic and Abbott
Laboratories. It develops devices used in diagnosing and treating
coronary artery disease, heart monitoring and a broad range of
gastrointestinal and pulmonary conditions. The company also makes
non-heart devices such as endoscopes, a type of surgical
camera.
Stryker's shares rose more than 10% in premarket trading
Wednesday. They had fallen sharply in the wake of the Journal
report.
Boston Scientific's stock fell 2.1% in premarket trading
Wednesday.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
June 13, 2018 10:10 ET (14:10 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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