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Pfizer sells Schneider unit
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June 16, 1998: 10:28 a.m. ET
Boston Scientific buys catheter maker Schneider Worldwide for $2.1B
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NEW YORK (CNNfn) - Striving to boost its presence in the growing field of "rapid-exchange" catheters, Boston Scientific Corp. agreed Tuesday to purchase Schneider Worldwide from Pfizer Inc.'s Medical Technology Group for $2.1 billion.
Schneider, headquartered in Baluch, Switzerland, develops and markets a broad range of catheter-based technologies used in less-invasive medicine. Its product offerings include stents, angioplasty catheters and accessories for coronary and peripheral operations. The company had sales of $330 million in 1997.
Boston Scientific had been a leading contender for the unit since Pfizer Inc. revealed in February that it was mulling plans to divest all or parts of its Medical Technology Group.
Pfizer, a research-based health-care company based in New York, reported sales of $12.5 billion last year and expects to spend $2 billion on research and development this year.
Pfizer's new impotence drug, Viagra, triggered a consumer stampede to doctors' offices when it was introduced to much fanfare in March. The Viagra surge, analysts say, has led Pfizer to redouble its efforts to push more blockbuster drugs into its developmental pipeline.
Boston Scientific said the Schneider acquisition would enable the company to "immediately become a participant in a number of high growth areas of interventional medicine" in which it does not currently compete.
Schneider also brings to Boston Scientific, the NAMIC business, a leader in the manufacture and sale of products used to control the delivery and monitoring of fluids during angioplasty procedures.
Natick, Mass.-based Boston Scientific makes and markets medical supplies used in surgical procedures. Its products are used to diagnose and treat conditions in fields ranging from cardiology and gastroenterology to pulmonary medicine and radiology. Nearly one-third of the company's $1.87 billion in sales last year came from international operations.
Shares of Pfizer (PFE) were trading up 9/16 at 108-9/16 early Tuesday in New York, while Boston Scientific (BSX) shares slipped 3/8 to 60-5/8.
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