A Medical Device Daily
What's in a name? Often what is in it may be too much that is negative.
Thus,Boston Scientific (Natick, Massachusetts), which expects its $27 billion acquisition of Guidant (Indianapolis) to close in early April, may rename that company's cardiac rhythm management unit following the deal, according to a Reuters report.
Larry Best, CFO of Boston Scientific, speaking at a healthcare conference earlier this week, said the company might benefit from a brand-name change on its devices in order to boost sales, which have been hurt by Guidant's run of high-profile device recalls.
Best said he anticipates double-digit revenue growth at the combined company through 2011. He said that the company's goal is to beat Medtronic (Minneapolis) in the implantable cardiac devices market.
Best added that Jim Tobin, CEO of Boston Scientific, planned to oversee Guidant' cardiac rhythm management division by traveling weekly to its Arden Hills, Minnesota, headquarters, where he said Boston Scien-tific plans a “management shakeout.“
Boston Scientific had initially predicted closing of the deal in late March but earlier this week said it might be delayed until “the week of April 2“ (Medical Device Daily, March 7, 2006).