Medical device company Stryker filed a claim with the Securities and Exchange Commission on Wednesday saying it is not in discussions with Boston Scientific on a potential takeover.
The merger possibility was first reported by the Wall Street Journal on Monday. Although Stryker said it normally doesn’t comment on mergers and acquisitions, it issued the statement “in response to the market speculation” after its shares fell by about 8 percent within 24 hours of the WSJ’s initial report.
“Stryker is not in discussions with Boston Scientific Corporation regarding a potential acquisition,” the filing stated.
Stryker’s filing didn’t say whether previous discussions with Boston Scientific had occurred.
The news of the possible merger drew national attention this week, as the combined value of the medtech giants would exceed $110 billion.
Boston Scientific sold its Neurovascular business to Stryker for $1.5 billion in 2011 and Boston Scientific’s current cardiology offerings would have broadened Stryker’s portfolio in implantable cardiac devices, arterial stents, peripheral interventions and electrophysiology. Stryker is a key player in the orthopedic space as one of the largest makers of knee and hip-replacement parts.
Daniel joined TriMed’s Chicago editorial team in 2017 as a Cardiovascular Business writer. He previously worked as a writer for daily newspapers in North Dakota and Indiana.