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  • Major_Disaster_98 Major_Disaster_98 Jun 16, 1998 9:53 AM Flag

    BSC ANNOUNCES AGREEMENT TO ACQUIRE SCHNE

    BOSTON SCIENTIFIC CORPORATION ANNOUNCES AGREEMENT
    TO ACQUIRE SCHNEIDER

    Natick, Mass. (June 16,
    1998)--Boston Scientific Corporation (NYSE:BSX) announced today
    the signing of a definitive agreement to acquire
    Schneider Worldwide, a member of the Medical Technology
    Group of Pfizer Inc. (NYSE:PFE), for approximately $2.1
    billion in cash. Headquartered in Bulach, Switzerland,
    Schneider develops, manufactures and markets a broad range
    of catheter-based technologies used in less invasive
    medicine. Its product offerings include stents, angioplasty
    devices, and accessories for both coronary and peripheral
    applications. In 1997, Schneider reported sales of
    approximately $330 million. The transaction is expected to
    close later this year and is subject to the usual
    regulatory approvals. It is expected that the transaction
    will be modestly dilutive to 1999 results.

    The
    combination will enable Boston Scientific to immediately
    become a participant in a number of high growth areas of
    interventional medicine in which it currently does not compete.
    With the technology and intellectual property platform
    of Schneider, Boston Scientific will be able to
    offer rapid exchange catheters in the U.S. with both a
    wide range of balloon angioplasty catheter devices and
    coronary stent delivery systems. Boston Scientific will
    also gain rights to broaden its product offering to
    include nylon balloon technology. Also, with the
    Schneider Wallstent, Boston Scientific will, for the first
    time, be able to offer a number of new non-coronary
    stent products including U.S. FDA approved applications
    for the iliac, femoral and TIPS (transjugular
    intrahepatic portosystemic shunt).

    Schneider brings
    with it the NAMIC business, a global leader in the
    manufacture and sale of a broad line of products used for
    controlled delivery and monitoring of fluids during
    angiography and angioplasty procedures. The NAMIC product
    line will enable Boston Scientific to broaden its
    product offerings to catheterization labs around the
    world as a full service specialty supplier.

    The
    combination should also complement many research and
    development programs at Boston Scientific. Schneider has been
    investing in many new technology areas of interest
    including carotid stenting, stent grafting, coronary
    radiation therapy, and biomaterials and
    coatings.

    Commenting on the transaction, Pete Nicholas, Chairman and
    Chief Executive Officer of Boston Scientific, noted,
    "We are very pleased to welcome the worldwide
    Schneider organization to the BSC family. The addition of
    Schneider will significantly expand our global presence and
    product offering for the treatment of patients suffering
    from coronary and peripheral vascular disease.
    Schneider, like Boston Scientific, has been an early pioneer
    and leader in the field of interventional medicine.
    We look forward to continuing our efforts together
    as a new and stronger company."

    This press
    release contains forward looking statements with respect
    to the opportunities offered by a Boston
    Scientific/Schneider combination. The Company wishes to caution the
    reader of this press release that actual results may
    differ from those discussed in the forward looking
    statements and may be adversely affected by, among other
    things, risks and uncertainties related to competitive
    offerings and new product launches, timing and scope of
    regulatory approvals, research and development programs,
    continued international expansion and foreign exchange
    fluctuations, intellectual property rights, the ability of the
    Company to implement its overall business strategy and
    other factors described in the Company�s filings with
    the Securities and Exchange Commission.

    Boston
    Scientific is a worldwide developer, manufacturer and
    marketer of medical devices whose products are used in a
    broad range of interventional medical
    specialties.


    CONTACT: Larry Best (508-650-8450)
    Sabrina Nicholson
    (508-647-2551)
    Boston

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    • Will i have to wait until 6/99?. It sounds like 7/1 things at bsx will start poppin. They have been gearing up for that day a close source let out. I will wait before getting joyous.

    • Wait till 6/99. I believe I will have the last word. And, oh by the way you sound like a mutant BSX shill. Out.

    • BSX had to buy Schneider for the nylon balloon
      material license.Yes, they will make good use of the Rx
      patent, but without the nylon license, the Nir stent
      (mounted on a nylon Ranger balloon could have been
      doomed). Even though they paid way too much for Schneider,
      the reality they were faced with was they couldn't
      afford not to buy them.Everyone thinks BSX bought
      Schneider for Rx...the real reason that drove them to pay
      $2.1 billion was they needed nylon or Nir and their
      nylon balloons were in serious jeapordy (Cordis
      litigation). Now they have a balance sheet with potentially
      more than $2.5 billion in debt to go along with
      negative cash flow. Why is Wall Street rewarding BSX for
      this acquisition?

    • The rapid exchange patent is only the 'tip of the
      iceberg' if you will. There is also raw material
      (polymers) intelectual property shared by Schneider and
      Cordis that has, until now, prevented BSX from
      developing their POBA and Stent balloon technologies with
      more puncture resistant attributes. Polymers such as
      Pebax, Nylons (polyamides), to name a few, will now be
      legally available to BSX. I understand their R&D groups
      have been busy in anticipation of the Schneider
      acquisition.

    • Webe

      Analysts agree the NIR is #1 and they
      have publicly stated so.

      If you dont think so,
      please give us some proof in terms of sales
      numbers.
      Otherwise, I think we give the analysts more credence(I know
      its hard to believe).

      PUB

    • There is only one reason that BSX bought
      Shneider....

      It is not for their stent....the wallstent is a
      dog...it is not deployed on a balloon, and impossible to
      position accurately...I know I have used some

      It is
      not for Namic.....BSX has an excellent collection of
      PTCA catheters

      They bought it because Schneider
      have the US patent for rapid exchange catheters....the
      most popular method of performing PTCA in
      Europe.....the patent will be VERY useful....

    • Nir is clearly not the #1 stent in Europe. The GFX II is followed by the Duet. Stop the lies...if Nir is # 1 in Europe, quote sales numbers. It is 3rd and declining.

    • Just weighing in. Here's some food for thought
      about the Schneider thing and BSX.

      1. Rapid
      exchange makes up a huge portion of both PTCA and Stenting
      including US. It is one reason why ACS has grown so quick
      in the stent business (that and a good stent and a
      ton of "hate J&J sentinment") The Schneider piece
      gives BSX rapid exchange NOW.

      2. The balance of
      Schneider stuff. In a prior life I was in this business.
      Their product line wasn't bad....there sales force
      sucked. This helps BSX fill in some weak spots.

      3.
      The NAMIC element....my wife runs a lab...she wants
      soup to nuts service and coverage, including these
      kits. ACS hurts here. Many feel like she does, too.
      Count on the bundling and packaging to pull through
      some additional business HOSPITAL WIDE in all the
      angio based suites.

      4. Those who think stents
      are going away or going extra cheap in the US anytime
      soon are silly. It takes too much $$$ and time to get
      through the FDA so the mom and pop euro knock offs won't
      bother. They make enough in Europe. The US market will
      stay consolidated in about five different stents.
      History shows it takes #7 or 8 to a market to make the
      stupid price war decision.

      5. NIR is a very, very
      good stent. If I'm AVE, I'm seriously looking at Bard
      Cardiology.

    • BSX has everything that a cath lab will
      want.
      From Touhy-Borst connectors, guides, guidewires, to
      IVUS, to Rotablator, to Balloons, to Stents, and to
      future technologies.
      This allows BSX to bundle
      effectively.

      Compare this to the competition and BSX will stand
      alone!!
      Not right away, but by 6/99.

      Stentaholic: You
      sound like a whiny fourth grade Manufacturing Engineer
      at AVE. Go home and take a nap.

      God
      Bless.

      PUB

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