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St. Jude Medical builds cardiovascular division

This article was originally published in The Gray Sheet

Executive Summary

Combining the firm's cardiology and cardiac surgery divisions will result in a staff reduction of 30, with the savings going to boost R&D spending, the firm says Aug. 28. The cardiology and cardiac surgery units generated growth of 3% and 7%, respectively, in Q2, with sales reaching $115 mil. and $75 mil. Effective Jan. 1, 2007, the planned combination is part of St. Jude's larger strategy to deliver annual corporate growth of at least 15% "in 2007 and beyond." St. Jude will take a charge of $25 mil.-$35 mil. in Q3 related to the reorganization. The cardiology division includes the firm's Angio-Seal vascular closure device, with a focus on access and closure technologies; the cardiac surgery unit makes heart valves. The firm will maintain its separate specialty sales forces. Other St. Jude business segments include cardiac rhythm management, atrial fibrillation and neuromodulation. The new cardiovascular unit will be led by George Fazio, cardiac surgery head since 2004; cardiology chief Paul Buckman becomes corporate VP-business development...
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