Medical device maker Stryker says not in talks to buy Boston Scientific

Medical device maker Stryker says not in talks to buy Boston Scientific

Medical device maker Stryker Corp (SYK.N) is not in talks to buy rival Boston Scientific Corp (BSX.N), the company said in a regulatory filing bit.ly/2Jy6VQB on Wednesday, two days after a media report of a potential deal between the two surfaced.

On the stock market today, Stryker shares climbed 2.5% to close at 166.90.

The Journal had reported it wasn't clear how receptive Boston Scientific was to a deal. Boston Scientific, on the other hand, tumbled 6.2% to 31.73.

Boston Scientific, based in Marlborough, Mass., is one of the largest makers of heart devices such as pacemakers and artery-opening stents, competing with Medtronic and Abbott Laboratories.

The combined company could tout up to 62,000 employees and would have a market capitalization pushing almost $110 billion, putting it on firm competitive footing with Medtronic's $117 billion.

"Stryker is not in discussions with Boston Scientific Corporation regarding a potential acquisition", the firm said in a filing with the Securities and Exchange Commission.

Stryker's filing didn't dispute that it had made a takeover approach.

The theoretical consolidation would not see much product overlap, with Stryker's orthopedic implants, surgical tools, neurotechnology and patient handling equipment complementing Boston Scientific's focus in interventional specialties in cardiology, radiology and endoscopy. "It does not deny that prior discussions took place", Jason Benowitz, senior portfolio manager at Roosevelt Investment Group said. The company is headquartered in MA.

The company has said it expects to generate up to $9.9 billion in revenue this year, up 7 percent on an organic basis.

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