- people on the move
Stryker responds to reports of acquisition talks with Boston Scientific
A maker of medical devices and equipment in the region has issued a statement in response to rumors it is planning to acquire Boston Scientific.
Kalamazoo-based Stryker released the statement today following several days of speculation that the company might be planning to take over Marlborough, Massachusetts-based Boston Scientific, one of its competitors.
Stryker said it was breaking with a “long-standing practice” not to comment on such matters.
“Stryker is not in discussions with Boston Scientific Corporation regarding a potential acquisition,” the statement said.
The Wall Street Journal first reported a possible deal was in the wind on Monday, then the story was picked up by Reuters and other media outlets.
If the deal were to occur, Reuters reported it would create “a combined company with a market value of more than $110 billion,” placing it behind Medtronic and Johnson & Johnson as the third-largest medical device maker.
When the market closed Monday, shares of Boston Scientific were up 7.4 percent at $34.32, while Stryker shares fell 5.1 percent to $169.78, according to Reuters.
Just after noon today, Stryker shares were up 2.7 percent from the market’s opening to $166.93, while Boston Scientific shares were down 5.22 percent to $32.08.
Founded in 1979, Boston Scientific (NYSE: BSX) makes devices used in interventional medicine, including interventional radiology, interventional cardiology, cardiac surgery, vascular surgery, endoscopy, oncology, urology and gynecology.
The company reported 2017 revenue of about $9 billion. It has about 29,000 employees globally.
Founded in 1946, Stryker (NYSE: SYK) makes medical devices and technology: including implants used in joint replacement and trauma surgeries; surgical equipment and surgical navigation systems; endoscopic and communications systems; patient handling and emergency medical equipment; and neurosurgical, neurovascular and spinal devices.
Stryker reported 2017 revenue of $12.44 billion. The company employs about 33,000 people worldwide.