After a most unpleasant attempt to merge Advanced Bionics into Boston Sci’s conglomerate, the parent firm has decided to cut its losses and let the subsidiary go.
The agreement ends litigation between the company and the subsidiary, whose chief executive, Alfred E. Mann, Boston Scientific has unsuccessfully tried to fire. A judge ruled the company had acted in bad faith.
Yesterday’s pact also reduces the potential payout Boston Scientific faced.
Under the terms of the new deal, Boston Scientific will retain Advanced Bionics’s spinal-cord stimulators and its Bion microstimulator, currently in development.
Read on at the Boston Globe…