Boston Scientific Corp. (NYSE:BSX) is still stuck with its pain management business.
The Natick, Mass.-based medical device giant was rumored to be looking to offload its neuromodulation unit for about $1.5 billion over the summer, with Stryker Corp. (NYSE:SYK) said to be a leading suitor.
Johnson & Johnson (NYSE:JNJ) also looked into buying the business, but not for much more than $1 billion, according to Bloomberg. Stryker reached “advanced talks” for a transaction in August, according to various news reports, but the companies reportedly couldn’t agree on the value of business.
Boston Scientific spent most of 2010 trying to drum up interest in its neuromodulation and neurovascular businesses. Kalamazoo, Mich.-based Stryker agreed to pay $1.5 billion in cash for the neurovascular unit on Oct. 28, surprising some analysts.