Boston Scientific co-founders unload millions in BoSci stock

March 19, 2009 by MassDevice staff

Boston Scientific Corp. co-founders John Abele and Peter Nicholas unloaded millions of dollars worth of their stakes in the company in March alone.

It’s part of their effort to salvage the Natick-based medical device leviathan’s stock price, which fell from about $45 per share five years ago to less than $9, according to The Boston Globe.

Add to that the failure of its Taxus Express drug-eluting stent and the disastrous, $27 billion buyout Guidant Corp. (which added $10 billion in debt and thousands of safety recalls in 2006).

And the loans Abele and Nicholas acquired to restore Boston Scientific fell through, after the value of the collateral backing loans tanked along with the stock market. To compensate for the loss, the partners were forced to shed company stock.

So far in March alone, Abele sold off more than $10.1 million worth of BoSci stock; Nicholas has auctioned off nearly $13.3 million worth of his stake so far this month.

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