Guidant Cancels Plans to Acquire Cook

(Indianapolis, IN, USA) to cancel the merger agreement made with Cook Group (Bloomington, IN, USA) in 2002.

Under the terms of the original agreement, Guidant was to acquire Cook Group for up to US$3 billion, in a move to enhance its position in the drug-eluting stent market. Guidant's obligation to complete the transaction, however, was subject to legal and clinical conditions, including positive clinical results of a trial involving Cook's drug-eluting Achieve stent, as compared to Guidant's Penta stent system. The preliminary results show that the necessary 40% reduction in vessel failure and the 50% reduction in restenosis were not made. The terms of the merger agreement include a break-up fee of $50 million and an amendment to an existing stent delivery program.

"Guidant's collaboration with Cook represented a unique opportunity for both companies to advance drug-eluting stent technologies in the field of vascular intervention,” said John M. Capek, Ph.D., president, Vascular Intervention, Guidant. "We look forward to a continued business relationship with Cook as we work toward our mutual goal of advancing medical technology.”

Guidant has already announced an agreement to acquire certain assets of the everolimus eluting-stent program of Biosensors International (Singapore). This is expected to provide Guidant with an exclusive worldwide license to Biosensor's intellectual property in the field of everolimus-eluting stents.




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