Bionic deal.In the end, it was simply too good an offer to walk away from. That's how biotech entrepreneur Alfred Mann categorized cat·e·go·rize tr.v. cat·e·go·rized, cat·e·go·riz·ing, cat·e·go·riz·es To put into a category or categories; classify. cat the $740 million cash sale last week of Advanced Bionics Corp. to Boston Scientific The Boston Scientific Corporation (NYSE: BSX) (abbreviated BSC), is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a range of interventional medical specialties, including interventional cardiology, peripheral interventions, Corp., with earn-out provisions that could raise the total sale price to some $4 billion over the next decade. The deal will allow Mann and Jeff Greiner, co-chief executives of the Valencia manufacturer of implanted heating devices, to run the company as an autonomous business unit of the Natick, Mass. medical device maker. At the same time, Advanced Bionics will have access to $100 million in Boston Scientific funds over the next two years to help fund product development. "How could you turn that down," said Mann, 78, who owns just under 50 percent of the company. "They came to us with an offer that gives us a large part of what we would get with being a public company." Mann ran insulin pump insulin pump n. A portable device for people with diabetes that injects insulin at programmed intervals in order to regulate blood sugar levels. maker MiniMed Inc. as a public company before selling it and a related business to Medtronic Inc. for $3.7 billion in 2001. He's now in the process of taking his other big company, MannKind Corp., public. MannKind, which is developing a delivery system for inhaled in·hale v. in·haled, in·hal·ing, in·hales v.tr. 1. To draw (air or smoke, for example) into the lungs by breathing; inspire. 2. insulin along with other products, filed an $86 million initial public offering last month but so far the date and share prices have not been set. MannKind has had to spend $615,000 in accounting fees alone in preparation for its IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , an amount that Mann termed "insane," especially since the legal fees are expected to be even higher. Meanwhile, Mann said he plans to take the proceeds from the Advanced Bionics sales and put them into his ongoing philanthropic activities, including planned biomedical engineering Biomedical engineering An interdisciplinary field in which the principles, laws, and techniques of engineering, physics, chemistry, and other physical sciences are applied to facilitate progress in medicine, biology, and other life sciences. institutes around the country and overseas. |
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