Boston Scientific to buy Schneider

June 24, 1998

Catheter developer Boston Scientific of Natick, MA, announced this month the signing of an agreement to purchase Schneider Worldwide, a division of Pfizer's Medical Technology Group, for $2.1 billion in cash, pending regulatory approvals. Schneider

Catheter developer Boston Scientific of Natick, MA, announced this month the signing of an agreement to purchase Schneider Worldwide, a division of Pfizer's Medical Technology Group, for $2.1 billion in cash, pending regulatory approvals. Schneider Worldwide operates out of Bulach, Switzerland, and manufactures stents and angioplasty devices and accessories. Last year the division claimed sales of $330 million. The deal should close later this year.

By acquiring Schneider, Boston Scientific will gain access to high-growth areas of interventional medicine, and will be able to offer a broader range of products, including rapid exchange catheters and nylon balloon technology. The deal reflects Boston Scientific's strategy of expanding its share in the interventional medicine market: Last year the company acquired Target Therapeutics of Fremont, CA, another catheter developer with a solid position in interventional neuroradiology.