Guidant to Acquire Rights from MediVas
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Guidant Corp., a medical device company, said it would pay $35 million in cash to acquire the rights to technology from MediVas for use in its drug-coated stent program.
In connection with the deal, Indianapolis-based Guidant said it would take a third-quarter charge that would trim earnings by 11 cents a share.
Under terms of the agreement, which gives Guidant worldwide licensing rights to the technology, privately held MediVas may also receive development milestone payments as well as royalties on Guidant’s future sales of products using the technology.
Stents are tiny mesh tubes used to prop open arteries and keep them from clogging.
Shares of Guidant rose 78 cents to $50.98 on the NYSE.
From Reuters
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