ࡱ>  0bjbj jjTi?Wl,,,nnn4h@T|c26R(z#K%%D.c0c0c0c0c0c0c$d gTcn&"#&&Tc+nnic+++&nn.c+&.c++E,^nna `:06)_*ac0c_g*ga+nnnnStrategic Analysis of the acquisition of Guidant by Boston Scientific Group Audrey Delorme Alexis Delloye Kimanh Nguyen Pei Zhu Wilfried Botrel  TOC \o "1-2" \u 1 Shapiros Approach analysis  PAGEREF _Toc127605409 \h 2 1.1 The availability of economies of scale in production & cost advantages  PAGEREF _Toc127605410 \h 2 1.2 The possibility of product differentiation  PAGEREF _Toc127605411 \h 2 1.3 Monopolistic access to distribution channels  PAGEREF _Toc127605412 \h 3 1.4 Protective government regulation--- what the government gives, the government can take away!  PAGEREF _Toc127605413 \h 3 2 Porters analysis of competition Boston Scientific  PAGEREF _Toc127605414 \h 4 2.1 Rivalry among competitors  PAGEREF _Toc127605415 \h 4 2.2 Threats of new entrants  PAGEREF _Toc127605416 \h 4 2.3 Threats of substitutes  PAGEREF _Toc127605417 \h 5 2.4 Bargaining power of suppliers  PAGEREF _Toc127605418 \h 5 2.5 Bargaining power of buyers  PAGEREF _Toc127605419 \h 6 3 Growth-Share Matrix Analysis  PAGEREF _Toc127605420 \h 8 4 SWOT Analysis of Boston Scientific  PAGEREF _Toc127605421 \h 12 5 Kauppis model  PAGEREF _Toc127605422 \h 14 Conclusion  PAGEREF _Toc127605423 \h 16  Shapiros Approach analysis The availability of economies of scale in production & cost advantages Economies of scale may be simply translated in to the increase inefficiency of productionas the number of goodsbeing produced increases.Typically, a company that achieves economies of scale lowers the average cost per unit through increased production since fixed costs are shared over an increased number of goods.Therefore, wed like to talk about the economies of scale in production and cost advantages together. According to Wall street journal, President and Chief Executive Officer of Boston Scientific, Jim Tobin, once addressed that the combination of these two firms is premised on growth, not cost cutting; however, we still expect to see that the merger will bring cost advantages opportunities to the combined firm. Pete Nicholas, Chairman of Boston Scientific highlighted potential economies of scale and cost reducing advantages that the merger may generate. Combining Guidant's rapidly growing cardiac rhythm management (CRM) business with Boston Scientific's cardiovascular, endosurgery and neuromodulation businesses. Enabling the combined firm to participate in two of the largest medical device markets -- interventional cardiology and cardiac rhythm management. Creating a unique opportunity to further diversify and to expand the growth markets merging firms serve. Combining the resources of two of the earliest pioneers in the field of interventional medicine. Promising a continuation of the prolific innovation that has enabled major advances in the treatment of so many diseases. The possibility of product differentiation On one hand, Boston Scientific officials believe that Guidant, while damaged by the recall, pending litigation and lost share, will rebound within perhaps a year. The $10 billion business of making defibrillators is growing at a rate of 20% a year. In addition, Guidant's program to produce a stent coated with a drug called everolimus is considered a potentially important one. Guidant's stent is considered easily maneuverable by cardiologists who use it.  On the other hand, any product quality issue could be fatal for firms. According Wall Street Journal, problems with Guidant defibrillators, linked to multiple patient deaths, have played a major role in the company's acquisition travails. Prior deal partner Johnson & Johnson (JNJ) managed to significantly ratchet Guidant's purchase price lower last year after device troubles cropped up, and the lower price opened the door for a bidding war that Boston Scientific eventually won. However, this problem will still stand and affect the value of the combined firm even after completion of the deal. Monopolistic access to distribution channels Wall Street Journal indicates that the combined company, with revenue of about $9 billion, will have the No. 1 position in the U.S. in selling coronary stents, the tiny arterial implants that now dominate interventional cardiology. It also will have the No. 2 position in selling implantable defibrillators. These increasingly popular products rein in lethally fast heartbeats and have supplanted pacemakers as the main growth area in cardiac electrical therapy. Both products have rich profit margins and stand to benefit from an aging, overweight U.S. population. Protective government regulation--- what the government gives, the government can take away! Even Glenn Reicin, an analyst with Morgan Stanley, said in a research note that the FDA issues are unlikely to impact Boston Scientific management's desire to acquire Guidant, according to WSJ, Boston Scientific Corp. (BSX) shares plunged more than 7% in early trading Friday following news that the U.S. Food and Drug Administration has found "serious problems" at the company's medical device manufacturing plants. The rare corporate warning letter from the FDA, sent to Boston Scientific Wednesday and publicly announced by the company late Thursday, cited an "inadequate corporate-wide corrective action plan" and "serious deficiencies" at company facilities. The FDA said it could place a hold on any pending Boston Scientific device applications until the problem is resolved. All these facts above are telling us that any decision change from governments or agencies may bring or take away firms profits. Porters analysis of competition Boston Scientific Rivalry among competitors Boston Scientific Corporation engages in the development, manufacture, and marketing of medical devices. Only a few players are engaged in this process among them: Johnson & Johnson, Guidant Corp., Medtronic, St Jude and Boston Scientific Group. Products recall cost a lot of money to the company involved and is a gif for the competitors. Competition plays sometimes in the court room. Litigation about patents among competitors is usual and so can lead to high costs. It can also delay the introduction of a new product. Threats of new entrants There are some barriers to potential new entrants: FDA regulations are very strict and the process of getting approval can take several years even for the leaders in the market used to fill FDA regulations. Even when these corporations get the FDA approval they are not covered against products recalls that can cost a lot of money and also lead to a decrease in the image of the company. The products involve knowledge and management of high-technology. The products need high R&D spending that a few companies can afford. The people involved in R&D are few and key to the success of the research. Current competitors take care of acquiring high-potential businesses and this process needs money. A few firms develop, manufacture, market and sell medical devices at the same time. Nevertheless if we think of the medical devices as a whole industry, this industry may view potential entrants from the pharmaceutical business as a threat. And some companies in the related businesses could try to acquire players of this industry to compound on the healthy 2 digits increase in the sales of medical devices. Threats of substitutes Medical devices are minimally invasive form of treatment than former ones and so are substitutes to these more invasive procedures used in the past. So that, they are the new products in place and no products are substituting them outside generic products. Substitute products can be drugs prescribed to a patient instead of doing an operation to put a medical device. These substitute products are currently seen as not as good as medical devices but could in the future or due to external factors (too high costs for the insurance companies) replace medical devices. There is a potential risk but not perceivable at the moment. Another substitute is cardiology surgery but since it is really more invasive, it is done in extreme cases where minimally invasive treatments are inefficient. Generic products can enter the market and substitute the former patented products. Bargaining power of suppliers As in the electronic industry, device makers are sending more and more of their work to a growing industry of contract manufacturers. These contract manufacturers do not have a lot of bargaining power due to the low customization of their work. The device makers do not rely too much on one contract manufacturer or could easily find another one. It enables device makers to deal with speed-to-market and cost pressure by closing plants requiring fixed costs and laying off employees. Nevertheless the contract manufacturers are product related and this industry is currently consolidating. Moreover the FDA imposes strict rules that restraint the percentage of production that can be done overseas such as in Mexico for example.3 So that, we can forecast an increase in the bargaining power of the suppliers because they will be less and less and device makers wont be able to switch for foreign contract manufacturers. Bargaining power of buyers Some hospitals are organized and grouped under an agency to lower their costs. These groups have a bargaining power over the suppliers due to their size. Most hospitals try to not rely too much on one supplier so that when one product encounters problem they can still work. So, in this process each competitors has its place but the products are really compared. The competitors have also to deal with the final payers that are sometimes the insurance company. These insurance companies will try to minimize their costs and could in the future have an influence on the type of care provided to the patient. Even if the buyers are not directly the doctors, the suppliers of medical devices have to target them since they are advisers and they can influence the decision process. This phenomenon increases the costs of transaction. Buyers have a large bargaining power over the suppliers of medical devices. In its 2004 annual report, Boston Scientific Group states that: The depth and breadth of our product portfolio has also enabled us to compete more effectively in, and better absorb the pressures of, the current healthcare environment of cost containment, managed care, large buying groups and hospital consolidation. Conclusion The bargaining power of the buyers has been increasing because of a consolidation in the hospitals industry and a process of cost reduction from insurance companies. Also, the rivalry among competitors has been increasing since 1998: pharmaceutical companies decided to enter the medical devices market. So that the device makers had to put pressure on their suppliers and they try to reduce their costs (e.g. fixed costs from plants) by outsourcing to contract manufacturers. To prevent from the entry of potential competitors, the competitors have to acquire the promising business so that they have to spend money on one side in the R&D process but also have to benchmark the market and be ready to acquire businesses that have developed products with promising markets. In this industry, Boston Scientific has to benchmark the market and be ready to acquire promising business that could compete with its current products or give new opportunities. It will also have to lower its costs. Acquiring other business, Boston Scientific will be able to have a sufficient size to compete with other big players such as Johnson & Johnson. Growth-Share Matrix Analysis The BCG Growth-Share Matrix Model assumes that market power matters the most and that market power is driven by size, share of market, and growth. During 2005, Scientific completed its initial launch of next generation drug-eluting stent product, the TAXUS LiberteTM coronary system and expect to launch in 2006. Guidant is one of the two competitors in the coronary system (beside, Johnson & Johnson). The acquisition of Guidant will strengthen Scientifics leading position within the coronary stent market. Guidant is a leading maker of cardiac pacing devices (Pacemakers and implanted defibrillators. Sales growth was driven by 18% growth in implantable defibrillators system sales, which accounted for 47% of Guidants worldwide Sales. These two products are the key drivers of Guidant Revenue from operating activities. These two CASH COW product lines have very high market share, thus high pricing power, will be an important value creation tool for Scientific. It will create competitive power and higher return for Scientific. These two product lines will generate major fund for high growth, low market share QUESTION MARK division like interventional cardiology. Market share of this high growth division has been stumbling in the past few years. It accounts for 30% of its sales in 2002, but decreased to 14% by 2004. Source of fund provided by the two major product lines of Guidant (as mentioned above) could also be invested in new segment of Scientific: the Neuromodulation device. This treatment of deafness and chronic pain device accounts for small percentage of Scientific Revenues but future R&D, expense in marketing and advertising will a promising investment for the growth of this division. Cardiovascular Neuromodulation Express2TM Coronary Stent System Filter Wire EXTM Interventional Cardiology  INCLUDEPICTURE "http://upload.wikimedia.org/wikipedia/en/2/2d/BCG_Matrix_with_cashflows-small_png.png" \* MERGEFORMATINET  Bare-metal stent Guidant Pacemakers Implanted Defibrillators Scientific Texus Stent, Coronary Stents Product lines listed under STARS Quadrant of Scientific include: Cardiovascular (this division sales increased by $49 million (5%), during 2004, as well in 2003, this division accounted for 10 percent increased in Net Sales by $168 million, as compared to 2002. The remainder of the increase in the companys U.S. revenue related to share growth in each of its other U.S. divisions, including $37 million in sales from Neuromodulation. This division is established following the companys acquisition of Advanced Bionics in June 2004. Coronary system stent revenue in the U.S. increased in 2003 by $35 million (19%) due to sales of Express2TM coronary stent system that was launched in September 2002; and Marverick, Filter Wire EXTM increased by $50 million (6%), as compared to 2002. All of the products listed above are products with high market shares and high growth. They generate their own cash for their own ongoing expansion. And because of its strong market position, future investment is needed to make these STARS become the next CASH COWS Recent earnings have significantly increased for Boston Scientific, based heavily on the strength of coronary sales, and area in which it has little competition among its rival (Johnson & Johnson sales from stent continues to slide). Sales of Taxus stent system created an 82% increase (1.57 billion) in sales for Boston Scientifics over the year 2003. This turnover in Revenue brought 129% increase in Net Income, this leads to 129% increase in Cash Flow provided by Operating Activities. The company estimated that worldwide coronary stent market will exceed 6 billion in 2006. Historically, the worldwide coronary stent market has been dynamic and highly competitive with significant market share volatility. Drug-eluting stents are estimated to represent approximately 87% of the worldwide coronary stent market in 2005 and 90% in 2006. Scientifics drug-eluting stent system is currently one of the only two drug-eluting products in U.S. market, and due to the uncertainty of the new entrants into the market; this system is believed to maintain in the companys sustained leadership position. Thus, in U.S. market, this high market-share, low-competition division is considered the biggest CASH COW of the company. It generates a significant amount of cash, and has a strong market position. Cash generated from this sector provides a major source of fund for investing in growth of the same sector internationally. Besides and more importantly, what has hurt Guidant is its lack of drug-eluting stent. This product division of Guidant somewhat stays as a QUESTION MARK since its market share hasnt really grown high. Scientific could generate more cash from its Cash Cow high market share, low competition drug-eluting stent system and effectively invest more in to Guidants after the merger to help it grow. Revenue of Bare-metal stent has decreased from $155 million to $59 million in 2004 as physicians continued to convert the stents they use in interventional procedures from bare-metal stents to drug-eluting stents. It stays in DOGS quadrant of the Matrix as its market share and growth share began to diminish with the emergence of drug-eluting system. Future investment to this sector may not be attractive as the unit has become mature. The business could still continue, however, since it will still be generating some cash for the company. For Guidant, sales of products other than worldwide coronary stents grew $426.4 million, an increase of 15% compared to 2003. This growth was partially offset by 36% decrease in coronary stent system sales primarily due to competitive drug eluting stents and increased competition from metallic coronary stent competitors in Japan. The company will need to spend more in research and development to help this division grow and compete more effectively internationally. This acquisition of Guidant is expected to broaden Scientifics product technology portfolio, and to provide the company with more effective recourse allocation strategies to better depict the positions of its business units within the corporation, as well as of the competitors within the industry. The success of the merger will help Scientific in expanding its reach into existing and new markets. The success of this alliance is an important element to Scientifics growth strategy. SWOT Analysis of Boston Scientific STRENGTHSWEAKNESSESAn aggressive acquisition strategy Between 2001 and 2004 Boston made 138 external investments and alliances across cardiology, neurovascular, urology in order to be a leader in the medical industry R&D investments R&D investments represent approximately 10% of net sales. In 2004 Boston invested more than $1.7bn in internal R&D and external acquisitions and alliances.1 It enables Boston to grow in new markets: spinal cord stimulation, implantable cardiac rhythm management Supply capacity, sales force and global presence International divisions are located in Europe, Japan and Asia Pacific. Bostons sales force is present in more than 40 countries. 1 Strong Financial Performance 2004 revenue up 62% to $5.6bn 2004 net profit up 125% to $1.06bn1 Merger with Guidant Boston has currently the 5th largest market cap in the medical instruments and supplies industry. Through the merger with Guidant, the new company will become the first company in that industry with a market cap of more than $40bn. In adding Guidants profitable line of implantable heart defibrillators, Boston forecasts a double digit revenue growth for the foreseeable futureProblems of quality controls and safety identified by the FDA. There are safety problems for patients with Texus (this product constituted two thirds of the company earnings in 2004). In 2004 Boston acquired Advanced Bionics Corp. The FDA identified a problem that could be fatal for children who have cochlear implants of Advanced Bionics. Case of malfunctions in electrical defibrillators and pacemakers. 3 Delayed or limited authorization to sell new products The FDA criticized Boston for ongoing violations of quality control standards and said it wouldnt approve new products from Boston until the deficiencies are corrected. Rise in debt Boston is taking on $10bn in debt to finance the merger with Guidant, what grows stockholders concerns.2 After Deal problems The $80-a-share offer for Guidant is dependant on Boston shares not consistently trading below $22.62 before the deal closes. If it continues to hover in the low range, Guidant holders might not get the full $80. 2  OPPORTUNITIESTHREATSGrowth in healthcare spending Healthcare spendings are growing in the US and are expected to continue to grow at least over the next decade. This situation is profitable for companies within the medical instruments and supplies industry and especially for Boston which is a key player.Intense competition Competition is expected to be tougher in the industry due to numerous mergers and acquisitions leading to bigger companies. Generic Products Price pressure and loss of market share arise from generic products. Bargaining power of buyers Hospitals can be organized in groups and thus make a pressure on prices.Conclusion: The acquisition of Guidant is an opportunity for Boston Scientific to increase its revenue, diversify and expand its business, especially in an industry in which only a few players really count. However, Boston Scientific faces an unusual number of regulatory, legal and competitive challenges in the term and has to fix them in order to complete this acquisition and successfully integrate Guidant. Kauppis model According to Kauppi, there are basically 2 types of strategic acquisitions: When the result of the combination is far greater than the sum of the parts: A&B (merged) > A+B (stand-alone) When the Newco improves significantly its profit margins. The core principal that runs through every example of successful M&A is integration. A strategic acquisition cannot be successful if not adequately integrated in the Newco. Kauppi listed elements that are often behind a strategic acquisition. Lets apply these elements to the Boston Scientific acquisition of Guidant: ElementsStrategyAcquire customersNo Guidant is a competitor of Boston Scientific in the medical device industry. It is an horizontal merger.Operating leverage It does not seem to be really the goal of this acquisition.Capitalize on a company strengthYes. Guidant is rapidly growing in the cardiac rhythm management sector. It represents a very powerful business accelerator to acquire a company that has a complementary product that is used by Boston Scientifics installed customer base.Cover a weaknessThis acquisition creates worlds leading cardiovascular device company. Through this combination, Boston Scientific becomes more diversified and reduces its product concentration on Taxus, participating in two of the largest medical device markets interventional cardiology and cardiac rhythm management. In fact, this merger results in a reduced reliance on Taxus, Boston Scientific's drug-eluting coronary stent (DES) that currently accounts for more than 40% of Boston Scientific revenues. In other words, the transaction will significantly diversify Boston Scientific revenue stream in multiple markets and enhance overall competitive positioning. It could have been for strengthen products pipeline for an innovative focused industry having a thin product pipeline could be fatal - but considering forecast R&D expenses, we can reject this argument.Improving or completing a product lineThe Guidant acquisition means a new line of business for Boston Scientific with strong revenues Guidant being one of the top players on its market. In the same time, it accelerates diversification and growthTechnology build or buy? Acquiring technology through the acquisition of another company can be an excellent growth strategy for several reasons according to Kauppi. First, the R&D costs are generally lower for these smaller, agile, more narrowly focused companies than their larger, higher overhead acquirers. Secondly, time to market, window of opportunity, first mover advantage can have a huge impact on the ultimate success of a product. In this case, according to Boston Scientific chairman: combining the resources of two of the earliest pioneers in the field of interventional medicine promises a continuation of the prolific innovation that has enabled major advances in the treatment of so many diseases. It allows us to become a major provider in the CRM industryAcquisition to provide scale and access to capital marketsBoston Scientifics market cap: ~$18bn Guidants Market Cap: ~$25bn Clearly, Boston Scientific will become #1 market cap by far in medical supplies industry. Protect and expand mature product linesPerhaps, Boston Scientific will be able to generate new patents and thus expand mature product lines. Due to confidentiality issues, we have no further information on this point. However, according to Kauppi, this strategy seems common especially in this industry.Protect customer base from competitionBoston Scientific will provide customers a more diversified offer. Indeed, they will cover a wider spectrum of the medical supplies and there is more reason for customers to keep using Boston Scientific devices and not be forced to switch to another brand.Acquisition to remove barriers to entryNo. However, Boston Scientific will face major challenges in the future with legal issues regarding the quality and safety of some of its medical devices ( see warning letter of Jan 26th from FDA)Opportunistic acquisition for when the market turnsThe Taxus product may be less profitable in the foreseeable future as it is becoming a mature product and substitutes of Taxus may arrive on the market. So, BOSTON SCIENTIFIC needs another business line to thwart this risk. Conclusion Boston Scientific, by acquiring Guidant, covers its product concentration weakness and capitalizes on Guidant strengths. Again, Boston Scientific needs to integrate adequately Guidant to complete this strategic acquisition. Conclusion People familiar with the merger proposal may agree that the acquisition of Guidant: covers its product concentration weakness and capitalizes on Guidant strengths is an opportunity for Boston Scientific to increase its revenue Diversifies and expands its business within a highly concentrated industry However, there are numerous challenges for Boston Scientific on its way to a successful merger: Boston Scientific faces an unusual number of regulatory, legal and competitive challenges and has to fix them in order to complete this acquisition and successfully integrate Guidant. Boston Scientific has to benchmark the market and be ready to acquire promising business that could compete with its current products or give new opportunities. It is essential that Boston Scientific lowers its cost to achieve its economies of scale by having a sufficient size to compete with other big players such as Johnson & Johnson.   HYPERLINK "http://www.investopedia.com/terms/e/economiesofscale.asp" http://www.investopedia.com/terms/e/economiesofscale.asp  Boston Scientific Bids for Guidant, December 5, 2005.  HYPERLINK "http://online.wsj.com/article/SB113378934359213977.html" http://online.wsj.com/article/SB113378934359213977.html Boston Scientific Faces Pivotal Test After Victory in Fight for Guidant, January 26, 2006.  HYPERLINK "http://online.wsj.com/article/SB113819006363655829.html" http://online.wsj.com/article/SB113819006363655829.html Boston Scientific Shares Drop After FDA Warning, January 27, 2006.  HYPERLINK "http://online.wsj.com/article/BT_CO_20060127_004427.html" http://online.wsj.com/article/BT_CO_20060127_004427.html Boston Scientific Faces Pivotal Test After Victory in Fight for Guidant, January 26, 2006.  HYPERLINK "http://online.wsj.com/article/SB113819006363655829.html" http://online.wsj.com/article/SB113819006363655829.html Boston Scientific Shares Drop after FDA Warning, January 27, 2006.  HYPERLINK "http://online.wsj.com/article/BT_CO_20060127_004427.html" http://online.wsj.com/article/BT_CO_20060127_004427.html  Note: After Guidant's problems went public, St. Jude's defibrillator sales jumped 68% in the third quarter alone, to $277 million. During the same quarter, Guidant's defibrillator sales fell 26% to $330.6 million. Source: With the Spotlight on a Rival, St. Jude Medical Shines from the New York Times of January 13, 2006  Note: As for example between J&J and Boston Scientific. Source: No Time for Cheers At Boston Scientific The Wall Street Journal February 8, 2006  Note: Alza has promoted since 1995 a battery-operated painkilling patch that has not yet obtain F.D.A. approval. Source: Buyer's Remorse Is Causing Some Palpitations at Johnson The New York Times - November 03, 2005 -  Note: Retaining talent will be a major issue as Johnson & Johnson tries to renegotiate with Guidant. Source: Buyer's Remorse Is Causing Some Palpitations at Johnson The New York Times - November 03, 2005 -   Note: Even inventors of ingenious medical devices wont commercialize it by themselves. Source: Will Stent Makers Fight Dentist's Patent Tooth and Nail? The Wall Street Journal January 26, 2006 -  Note: In 1998, due to delay in stent innovation, Johnson & Johnson opened the doors to competition and enabled other companies to capture the stent market. Source: Buyer's Remorse Is Causing Some Palpitations at Johnson The New York Times - November 03, 2005 -  Note: The article :With the Spotlight on a Rival, St. Jude Medical Shines from the New York Times of January 13, 2006, explains that some investors invest in the St. Judes stock because the loser or companies such as Abbott Laboratories could be interested in purchasing it.  Note: It's hard to believe that type of growth in spending will not be met by some resistance from payers,'' said Larry Biegelsen, an analyst for Prudential Equity Group. For example: A large insurance company, Medicare wants doctor to identify patients least likely to benefit from an ICD. Source: With the Spotlight on a Rival, St. Jude Medical Shines - The New York Times - January 13, 2006  Note: 4 years after Johnson & Johnson's purchase of Alza, 2 of its products, Concerta & Ditropan XL, have faced generic threats. Source: Buyer's Remorse Is Causing Some Palpitations at Johnson The New York Times - November 03, 2005 -  Source: Medical Device Makers Increasingly Send Work to Contract Manufacturers - Knight-Ridder Tribune Business News - June 14, 2004  Note: The article:With the Spotlight on a Rival, St. Jude Medical Shines from the New York Times of January 13, 2006, states that the Veterans Health Administration, operator of the nation's largest group of hospitals and a major buyer of cardiac rhythm devices would not renew its supply agreement, worth about $75 million last year, apparently leaving Medtronic as its sole contract supplier for now.  Note: After Guidants problems were made public, many hospitals and doctors sought an alternative to Guidant and turned to St. Jude instead of increasing their reliance on Medtronic. Source: With the Spotlight on a Rival, St. Jude Medical Shines - The New York Times - January 13, 2006  Note: It's hard to believe that type of growth in spending will not be met by some resistance from payers,'' said Larry Biegelsen, an analyst for Prudential Equity Group. For example: A large insurance company, Medicare wants doctor to identify patients least likely to benefit from an ICD. Source: With the Spotlight on a Rival, St. Jude Medical Shines - The New York Times - January 13, 2006   HYPERLINK "http://proquest.umi.com.rlib.pace.edu/pqdweb?index=0&did=982649511&SrchMode=1&sid=1&Fmt=3&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1139794767&clientId=2088" BOSTON SCIENTIFIC FILES FORMAL MERGER STATEMENT; [THIRD Edition] (Stephen Heuser). Boston Globe. Boston, Mass.: Feb 7, 2006. p. E.2  Guidant Co. 2004 Annual Report, KEY FINANCIALS  Guidant Co. 2004 Annual Report, KEY FINANCIALS  Boston Scientific Co. 10K Sec Filings, MD&A  Hoovers Online, Company Snapshot  Boston Scientific, with Abbotts Help, Raises Bid for Guidant, Barnaby Feder, Jan 18 2006  Boston Scientific 10K, Product & Operation  Source: Boston Scientific Corporation 2004 Annual Report  Source: No Time for Cheers at Boston Scientific The Wall Street Journal February 8, 2006  Source: Risk of Implants to Aid Hearing The Wall Street Journal February 7, 2006  Source: With the Spotlight on a Rival, St. Jude Medical Shines - New York Times - January 13, 2006 FIN648 Strategic Analysis Of The Boston-Guidant Merger  PAGE 1/ NUMPAGES 16 L345OPQRSTWXٙٙ}ٙjUmHnHuj}UmHnHu:CJaJmHnHsH ujUmHnHujUmHnHumHnHsH u 5;CJ\aJmHnHsH umHnHsH umH sH jUmH sH  5mH sH 5CJ aJ mH sH ,LTu FA K ,  d# d# d#$]a$ $n(]n^(a$TmTUVpqrstuvw   %&'Aɿ߱ɠߒ߄jUmHnHujqUmHnHu 5;CJ\aJmHnHsH ujUmHnHu\mHnHsH umHnHsH u:CJaJmHnHsH umHnHsH ujUmHnHujwUmHnHu.ABCDEFIJ`ab|}~ !"<=>?@AB߻߭ߟɎ߀j_UmHnHu 5;CJ\aJmHnHsH ujUmHnHujeUmHnHujUmHnHumHnHsH u:CJaJmHnHsH umHnHsH ujUmHnHujkUmHnHu2BCefg 12RSԱԱԷԱԱԷ|||||v| \mH sH jH*UmH sH mH sH jUmH sH jUmHnHujYUmHnHu mHnHu5;CJ\aJmHnHujUmHnHujUmHnHumHnHsH umHnHsH u 5;CJ\aJmHnHsH u- ^:e4M].%<T$b & F ^`:;"#gh  =#>#1$2$%%,'.'((t)u)i*j*,,22V4W466/8V8X8o8q8888𷞷=jCJOJQJU^JaJehmHnHr3fsH u0CJH*OJQJ^JaJehmH r3fsH -CJOJQJ^JaJehmH r3fsH jH*UmH sH  H*mH sH j0JUmH sH  5mH sH mH sH 56\]mH sH 1i #3$Q$8&'((v)k*J+,,./Q1o12q3.8>8N8o88dh  !dh9^98888889999 909199::V<W<u<w<<<v?w? 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