Boston Scientific to divest non-strategic assets

Boston Scientific said the transaction will raise pre-tax proceeds in excess of $100 million, the majority of which will be in cash, with a portion in a note payable over several years.

Separately, the company announced that it has signed a definitive agreement to sell its investments in a portfolio of venture funds and companies, subject to certain closing and other conditions, to Paul Capital Partners, a private equity secondary market, for pre-tax proceeds in excess of $40 million.

Sam Leno, CFO of Boston Scientific, said: The sale of these investments, which represent the vast majority of our private investment portfolio, is part of our previously announced plans to divest non-strategic assets, while focusing on our core businesses and increasing shareholder value.