LYCOS RETRIEVER 
Boston Scientific
built 664 days ago
Boston Scientific's success with Taxus was even more remarkable considering the problems the company experienced during its first year in the drug-coated stent market. The company recalled the product three times in 2004 after receiving complaints in June about the delivery systems doctors used to implant the stents in blood vessels. Occasionally, the balloon used to expand the stent in the blood vessel failed to deflate properly, a problem Boston Scientific eventually fixed by making changes at its manufacturing plants in Minnesota and Ireland. Despite recalling approximately 100,000 stents, the company maintained its large lead in the market.
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Boston Scientific is a worldwide leader in the development and manufacture of innovative medical devices, technologies and services that provide alternatives to major surgery. Continued growth at its large plant in Galway, Ireland, combined with the introduction of new product areas, meant that an additional 200 administrative workstations were needed for the site’s expanding workforce. To house these workstations, 12,500 sq ft of new office space was needed.
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In October 1998 Boston Scientific announced a recall of its coronary stent delivery system called "NIR on Ranger with Sox." The company had received more than 100 reports of balloon leakage in the system. The product began shipping in August 1998 to 200 hospitals and medical centers in the United States. By the time of the recall, about 36,000 systems had been shipped and an estimated 25,000 were in use. The recall raised regulatory concerns at the FDA, which had not been notified of manufacturing changes in the stent system. The system had been developed with business partner Medinol Ltd., based in Tel Aviv, Israel.
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Boston Scientific's offer adds another twist in Guidant's journey to be acquired. In December 2004, J&J offered $76 per share—$25.4 billion—to buy Guidant. However, following a series of major ICD recalls of Guidant CRM devices, J&J began to consider its alternatives. After J&J publicly claimed that Guidant was no longer worth $76 per share, Guidant sued J&J to force completion of the acquisition at the original price. A week later, Guidant agreed to a new J&J offer of $63 per share. Boston Scientific has little to lose by bidding $25 billion.
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Last month, Boston Scientific announced that its TAXUS IV, V and VI clinical trials met the treatment guidelines criteria established by the European Society of Cardiology Taskforce for Percutaneous Coronary Intervention for the use of drug-eluting coronary stents (DES). The guidelines were designed earlier this year to provide physicians with recommendations for DES treatment decisions based on the level of evidence demonstrated in clinical trials.
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Boston Scientific has arranged for financing from Bank of America and Merrill Lynch to raise the $14 billion cash it will need to complete the deal. Though the acquisition will be expensive, Boston Scientific believes that it will not affect the firm's overall strategic plan and maintains that existing short and intermediate-term R&D will continue. However, the firm will "take a look at long-term projects that we could afford to delay," COO Paul LaViolette said.
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