Guidant to Acquire Cook Group for Up to $3 Billion

(Indianapolis, IN, USA) has agreed to acquire all of Cook Group Inc. (Bloomington, IN, USA) for up to US$3 billion in stock. Guidant's obligation to complete the transaction is subject to certain clinical and legal conditions relating to Cook's drug-eluting coronary stent system called Achieve. Those conditions include positive clinical results and Guidant's rights to use certain clinical data and to sell the Achieve product.

The Cook Group, which comprises more than seven separate companies, reported revenues of more than $500 million in 2001. The company has acquired worldwide co-exclusive rights from Angiotech Pharma (Vancouver, Canada) to use paclitaxel to coat its coronary stent products and other vascular products. Paclitaxel has shown promise in clinical studies for reducing restenosis. In addition, Cook offers a comprehensive line of other medical devices, including the Zenith abdominal arotic aneurysm graft and products for interventional radiology, urology, neuroradiology, and critical care. The group has operations in the United States, Canada, Australia, Europe, and Asia.

"This agreement is strategically important as it adds clarity around our ability to fully participate in the drug-eluting stent market opportunity,” said Ronald W. Dollens, president and CEO of Guidant. "Each company brings product development, manufacturing, and marketing expertise that will significantly enhance our business.” Guidant is a worldwide supplier of cardiac and vascular devices.





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