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Boston Scientific divests Cyberonics stake

This article was originally published in The Gray Sheet

Executive Summary

Boston Scientific sells its 13.5% stake in vagus nerve stimulation implant maker Cyberonics for $48.6 million on Oct. 4, the firm reports in a recent filing with the Securities and Exchange Commission. Cyberonics makes the VNS Therapy system for treatment-resistant epilepsy and depression, but has had difficulty securing reimbursement for the latter indication (1"The Gray Sheet" Aug. 27, 2007, In Brief). Boston Scientific, which had been Cyberonics' largest single shareholder, sold all of its 3.57 million Cyberonics shares at $13.60 per share. The move comes as Boston Scientific seeks to divest "non-strategic" assets to cut costs and debt (2"The Gray Sheet" Aug. 20, 2007, In Brief)

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