Stryker Corporation says it will pay up to $1.5 billion to buy the neurovascular division of fellow medical device maker Boston Scientific.
The Kalamazoo, Mich., company plans to pay $1.4 billion at the deal's closing and then up to $100 million in milestone payments. The deal is expected to close in the fourth quarter.
Boston Scientific's neurovascular division had $348 million in sales last year. It makes detachable coils, stents and other devices used to treat brain aneurysms and other types of cerebrovascular disease. The company is based in Natick, Mass.
Boston Scientific Neurovascular President Mark Paul will head the Stryker Neurovascular business.