(Bloomberg) -- Boston Scientific Corp. is exploring a sale of its specialty pharmaceutical business focused on treatments for snake venom, which could fetch close to $1 billion, according to people with knowledge of the matter.
The Marlborough, Massachusetts-based medical device maker is working with advisers on the potential sale, said the people, who asked to not be identified because the matter isn't public.
No final decision has been made and Boston Scientific could opt to keep the business, they said.
A spokesperson for Boston Scientific declined to comment.
Boston Scientific's shares rose 2.3% to close at $35.22 in New York Tuesday, giving the company a market value of about $50.3 billion.
It acquired the business in its $4.2 billion takeover of BTG Plc last year. The company is retaining the other parts of BTG's portfolio, including liver and kidney cancer treatments.
News of the potential divestiture was first reported by Dealreporter.
Read More: Medtronic Said to Make Bid for Medical Device Firm Intersect
Ā©2020 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories ā On NDTV Profit.
