by Heather Mayer
, DOTmed News Reporter | August 19, 2010
Stryker Corp., manufacturer of artificial hips and knees, is expected to complete the purchase of Boston Scientific Corp.'s pain-management device unit, according to media reports.
Boston Scientific put the unit, also known as the neuromodulation unit, up for sale earlier this year. Stryker is expected to pay entirely in cash for the unit, valued at $1.4 billion to $1.5 billion, according to unnamed sources.
The Natick, Mass.-based company has struggled this year, still reeling from a month-long recall of its ICDs earlier this year. The company was forced to write off $1.8 billion as a result.
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The acquisition would be Stryker's sixth during the last five years. The biggest deal was last year's $525 million purchase of Ascent Healthcare Solutions Inc., which is a medical device reprocessing company.
Boston Scientific spokesman Paul Donovan declined to comment.
Stryker spokesman Patrick Anderson told DOTmed News in an e-mail that "as a matter of company policy, [Stryker doesn't] comment on rumor or speculation about any potential merger or acquisition activities."